Speculative 130,000 SF Office Building Breaks Ground in North Fayette
Moon-based DiCicco Development is building a speculative 130,000-square-foot office building along the Parkway West corridor in North Fayette.
According to the Pittsburgh Post-Gazette, the developer is already preparing the site for the construction of the five-story project known as Westpointe Corporate Center Four. The building is being marketed by CBRE executive vice president Jeremy Kronman.
As demand for office space in the Parkway West area has been on the rise in recent years, DiCicco is confident that its latest project is worth the risk. The area’s vacancy rate has decreased from 18 percent at the end of 2011 to 14.3 percent at the end of 2012. According to CBRE, vacancy for class A office space in the corridor is currently around 5 percent.
“It’s just that the market is extremely tight. When you do a search for space in the Parkway West, there’s one building with 70,000 square feet, there’s one with 60,000 and there’s nothing else,” Kronman told the newspaper.
Construction on the Westpointe Corporate Center Four is expected to be complete by early 2014. The new building will be located next to a Hilton Homewood Suites hotel that DiCicco is developing in conjunction with Concord Hospitality.
DiCicco’s other projects in the Parkway West corridor include Westpointe Corporate Center One, which is occupied by Nova Chemicals, and Parkwest Corporate Center, which was leased to the Lanxess Corp. Chevron and RTI International Metals are also among DiCicco’s tenants.
In other news, Forest City Enterprises has announced that within the same transaction it has acquired its partner’s share in the Mall at Robinson, while selling its interest in the Plaza at Robinson Town Center. The company’s net proceeds were $7.75 million. Prior to the transaction, Forest City owned 72 percent interest in the mall and 50 percent interest in the strip center.
Photo credits: http://www.loopnet.comTags: CBRE, Development, economy, leasing, property management, retail