The portfolio will be listed for sale without a formal asking price. However, an HFF source gives GlobeSt.com a ballpark figure of "in excess of $200 per sf," which by our calculation could equal more than $90 million. Asking rents there are $25 per sf, the source says.
The source says the four-building portfolio is 100% leased, and consists of the 106,435-sf 500 Cranberry Woods, the 119,444-sf 600 Cranberry Woods, the 107,033-sf 700 Cranberry Woods and the 120,001-sf 800 Cranberry Woods. Tenants include Westinghouse Electric, Cellco/Verizon and McKesson. The office park is also the home of the world headquarters of Mine Safety Appliance and, as GlobeSt.com reported last year, will be the location of Westinghouse Electric's new 975,000-sf world headquarters.
The facility will occupy 80 acres at Cranberry Woods and is scheduled for completion in 2010. As previously reported on GlobeSt.com, the choice of Cranberry Woods followed a review of potential locations in Connecticut, Maryland, Virginia, North and South Carolina and Georgia in addition to expansion of its existing 535,000-sf Monroeville facility in neighboring Allegheny County.
In a prepared release, Pelusi calls the assignment "a major sale opportunity for HFF, as Cranberry Woods is the one of the best suburban office parks in the Commonwealth of Pennsylvania," while Sansosti adds, "the Wall Street Journal and Money Magazine have ranked Cranberry one of the fastest growing communities in the US." In particular, the HFF source says that Cranberry Woods has put the township on the map as an office hub within western Pennsylvania, although they add that there are no other sizable office parks under development in Cranberry, which is about 20 miles north of Pittsburgh.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
