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Reed Smith Puts Landmark Asset Up for Sale

PITTSBURGH-In preparation for its move to Three PNC Plaza in 2009, the law firm seeks to sell its nine-story office property, which is valued above $15 million.

By Marita Thomas | Updated on June 25, 2007

PITTSBURGH-Reed Smith LLP, the international law firm that has occupied the landmark office building that bears its name since 1985, has put the property at 435 Sixth Ave. on the market. As GlobeSt.com previously reported, the firm has signed a lease for approximately half of the 320,000-sf office space at Three PNC Plaza, and will relocate its headquarters there when that building reaches completion in mid-2009. http://www.globest.com/news/633_633/pittsburgh/147383-1.html

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.”

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