As 435 Sixth Avenue Associates, Reed Smith has appointed Jeffrey Ackerman, EVP in the local office of CB Richard Ellis, exclusive marketing agent. Ackerman tells GlobeSt.com that Reed Smith currently occupies all of the nine-story, 181,348-sf property "and will lease back the space until it moves."
Rent rates to a new owner, he says, "are just now being worked out." Although the building is being marketed unpriced, he says, "a range of between $15 million and $17 million probably represents fair value."
The building was constructed in 1902 and originally occupied by The Philadelphia Co., predecessor to the company that owned Duquesne Light and other utilities in this area. Reed Smith acquired it in 1984, and, according to Allegheny County records, paid just north of $5.8 million.
The law firm completely renovated the building in 1985, installing modern systems and raising it to the class A office level "while retaining and restoring much of the charm and old world craftsmanship," Ackerman says. While he is marketing it as office space to local users, he is also casting a wide net to developers across the country.
"The location, plus the charm and detail represent an outstanding opportunity for conversion to residential or hotel," he explains. "Pittsburgh's residential and hospitality markets are both improving," he adds.
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