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453,000-SF Office Portfolio Hits Market

CRANBERRY TOWNSHIP, PA-Multi-Employer Property Trust is selling four fully-leased properties within the 327-acre Cranberry Woods Office Park here.

By Paul Bubny | Updated on June 25, 2008

CRANBERRY TOWNSHIP, PA-Multi-Employer Property Trust has selected Holliday Fenoglio Fowler LP to market a four-building, 453,000-sf portfolio at the 327-acre Cranberry Woods Office Park here. The HFF investment sales team will be led by executive managing director John Pelusi, senior managing director Gerard Sansosti and managing director Nick Matt, all of the Pittsburgh office; as well as managing director Jaime Fink in HFF’s Chicago office and senior managing director Glenn Whitmore in the New York City office.

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.

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