PITTSBURGH, PA—A fund advised by CBRE Global Investors has acquired Liberty Center, a 27-story, 529,289 square foot class A office building located in the central business district of Pittsburgh, PA. The property, also known as Federated Office Tower, was previously owned by Starwood Capital Group. The sale price is reportedly around $98 million, according to industry sources.
“Institutional demand for Pittsburgh office has increased significantly,” says Vance Maddocks, chief investment officer of CBRE Global Investors Americas. “The metro has particularly strong educational and cultural institutions, which has allowed for a more diversified economy. The Pittsburgh CBD office market has one of the lowest vacancy rates in the United States.”
The property's location offers tenants immediate access to major thoroughfares, the Cultural District, David L. Lawrence Convention Center, the Strip District and the Pittsburgh Amtrak Station. The downtown area has recently seen a migration toward the Strip District due to the arrival of well-known technology companies and the emergence of new restaurants, bars and apartment communities, and Liberty Center is positioned to be a beneficiary of the improving neighborhood.
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