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Nov. 26, 2012

Oxford Development to Decide on 350 Fifth Avenue Plans By Year’s End

By Adriana Pop, Associate Editor

Oxford Development Corporation, the largest privately owned commercial real estate firm in Western Pennsylvania, celebrated its 50th anniversary at the Rivers Club at One Oxford Centre in downtown Pittsburgh.

On this occasion, President and CEO Steven J. Guy told the Pittsburgh Tribune-Review that the company would continue its aggressive pursuit of development and management opportunities.

Announced in May, Oxford’s latest project involves the revitalization of the Smithfield Street corridor. In order to better suit market demand, Oxford has invested in the conceptual design of two options and expects to make a decision by the end of the year.

The first option entails the development of the 350 Fifth High-Rise, a new 33-story, 772,000 -square-foot office tower. Designed by Green Tree-based DLA+ Architecture & Interior Design, the project is expected to cost $238 million and create 450 permanent jobs. At a minimum, it would achieve LEED Silver designation and explore elements of alternative energy, such as Photovoltaic Generation and Geothermal Access. The high-rise would include 41 spaces of underground parking and a ground floor that allows for a wide sidewalk, a mini park and urban dining establishments.

The second option calls for extensive renovations to the existing space. 350 Fifth Renovation would feature 180,000 square feet of Class A office space, open floor plans, a roof top deck and a complete redesign of the ground floor retail and restaurant area. The project would achieve LEED EB (Leadership in Energy and Environmental Design for Existing Buildings) Certification. It is expected to cost $40 million and create 125 permanent jobs.

The office tower should be completed in 2015 or 2016, while the renovation could be finished in 2013 or 2014. The company’s choice will depend on whether a key anchor tenant steps forward to make the new office tower financially feasible.

Photo credits: www.oxforddevelopment.com