PITTSBURGH, PA—Auction.com, a GlobeSt.com Thought Leader and the nation's leading online real estate marketplace, is partnering with Beynon & Co. to auction Pittsburgh's historic Standard Life Building, located in the heart of the city's revitalized former financial district.
Located at 345 4th Ave. near the city's cultural district and several universities, the 13-story former office building was converted into residential units in 2007. The 42,525-square-foot building offers tenants river views, ground-floor retail and 41 newly renovated apartments. The property is currently 93 percent leased.
The three-day online auction begins Nov. 4 and the asset has a starting bid of $1.25 million.
"The Standard Life Building is unlike any other property in downtown Pittsburgh," says Rick Sharga, executive vice president of Auction.com. "The building's current popularity, combined with its iconic status in Pittsburgh makes this a unique opportunity for the right kind of investor."
Designed by the era's top local architectural firm Alden & Harlow and completed in 1902, the building was once the financial district's tallest structure. The office building was renovated for residential use in 2007 and upgraded again in 2014. The most recent round of capital improvements included upgrades to individual units and a ground floor designed for new retail tenants. Two of the property's three retail spaces are leased.
"There is a strong demand for residential units in Pittsburgh's core downtown area, where we're seeing a resurgence of activity in the historic financial district," says Richard Beynon, president of Beynon & Co. "Combined with its exuberant classical detailing and its prime location within the Golden Triangle, the Standard Life Building is one of the few buildings in Pittsburgh that offers the early American charm and residential space with proximity to nearby major companies, parking, retail and restaurants, city landmarks and universities. Interest in this property so far has been very strong."
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
