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.
Liberty Center is already among the top class A office buildings in the Pittsburgh CBD. CBRE Global Investors says it plans to enhance the property through implementation of its proprietary 5-Star Worldwide service and amenity program. CBRE also says it plans to pursue the highest possible environmental certification.
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
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.
Liberty Center is already among the top class A office buildings in the Pittsburgh CBD. CBRE Global Investors says it plans to enhance the property through implementation of its proprietary 5-Star Worldwide service and amenity program. CBRE also says it plans to pursue the highest possible environmental certification.
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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].
