The complex contains seven class A office buildings, which aggregates 675,000 sf, and the Shoppes at Penn Center East, a 275,000-sf retail/restaurant center. Soffer developed the complex between 1964 and 1982 and added the retail component in 1999. It is located on 88 acres just off the Monroeville exit of Interstate 376 along William Penn Hwy. The campus also includes a 241-residential building, which was not a part of the sale.
Locally based LG Realty Advisors will handle management and leasing of both the retail and office components of the property. Its president, Lawrence Gumberg, was formerly with JJ Gumberg Co., a privately held shopping center owner, and his brother heads Gumberg Asset Management.
He declined to disclose the current occupancy or rent rates and says his comments are limited to prepared press releases from the two owner-partners. In the statement, he says, "We've already started planning to improve amenities to meet our tenants' current and future needs. We look forward to engaging the brokerage community."
New York City-based Investcorp, which also has offices in London and Bahrain, shifted all inquiries to Gumberg. According to Bradley Seiden, a principal, Investcorp has "a longstanding relationship with Gumberg in Florida and other markets. We are delighted to be expanding our relationship further with this investment in Pittsburgh," he adds.
The Soffer website lists Sears, Starbucks, Applebee's, John Harvard's Brew House along with a pharmacy, dry cleaner and other service firms among the more than two dozen retail tenants. The website lists the rent rate for Building One, located at 500 Penn Center Blvd. in the complex, at $19.50 per sf. According to published reports, the complex is about 90% occupied, but faces the exit of one tenant that now occupies just over 100,000 sf.
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