Multifamily news in Operations - Pittsburgh

  • PNC Financial Tops Off $400M Green Headquarters in Downtown Pittsburgh

    The new home of one of America’s oldest and strongest financial institutions is nearing completion.

  • Developers Celebrate Groundbreaking of First Office Building at Bakery Square 2.0 in Pittsburgh

    Local officials, as well as university and community representatives joined Walnut Capital and its development partner, RCG Longview, for the groundbreaking ceremony of the first of two new office buildings at Bakery Square 2.0, the $120 million mixed-use project rising along Penn Avenue, on the site of the former Reizenstein school.

  • Pittsburgh’s Liberty Center Complex Sells for $135M

    Forest City Enterprises, Inc. and its partner, Jos. L. Muscarelle, Inc. have completed the sale of the Liberty Center complex in downtown Pittsburgh’s “Golden Triangle”. A subsidiary of Starwood Capital Group of Greenwich, Conn. acquired the property for $135 million. The transaction generated net cash proceeds, at Forest City's share, of approximately $30 million.

  • Village Green Joins Soffer to Develop New Apartments in Pittsburgh’s SouthSide Works

    The Soffer Organization has partnered with Village Green Associates of Detroit to develop a new apartment building in the city’s SouthSide Works. The Pittsburgh Business Times reports that the structure would include between 215 and 262 one- and two-bedroom residences.

  • Premier Riverfront Hotel in Pittsburgh Sells for $61M

    Cleveland-based Forest City Enterprises has sold the 399-room Sheraton Station Square hotel in Pittsburgh. Station Square Pittsburgh Hotel LLC, a joint venture between Boston-based Pyramid Hotel Group and an affiliate of Glenmont Capital Management, LLC of New York acquired the asset for $61 million. The Plasencia Group represented the seller in the transaction.

  • New Mixed-Use Neighborhood Development Coming to Pittsburgh’s Hill District

    The city's Urban Redevelopment Authority has approved a $16 million residential and retail development for the historic New Granada Theater Block in the Hill District. The Residences at New Granada Square is a project that involves the construction of a mixed-income, mixed-use building on a vacant site between Wylie and Centre Avenues. The U-shaped structure will offer 16 two-bedroom apartments and 35 one-bedroom units. Out of a total of 51 apartments, 42 units will be affordable to households with incomes at or below 60 percent of area median income; the rest will be rented at market rate. Plans also call for 7,200 square feet of retail space, approximately 25 on-site parking spots and a courtyard.

  • Construction to Begin on Pittsburgh International Business Park

    Developers have broken ground on two buildings that will anchor the Pittsburgh International Business Park on Cherrington Extension Parkway in Moon Township. The single story brick and glass facilities will each offer 53,000 square feet of high end Class A office space. The Pittsburgh Tribune-Review reports that Columbus, Ohio-based Continental Real Estate Cos. and Cranberry-based Chaska Property Advisors Inc. will spend between $12 million and $15 million on the construction of the two facilities. Upon completion in the summer of 2013, mortgage services company ServiceLink will move into the buildings with approximately 700 employees.

  • Chatham University to Start Construction on Green Academic Community

    Chatham University has broken ground on the Eden Hall Campus, the first academic community in the world built from the ground up for sustainable development, living, and learning. Located in Richland on a 400-acre site once called Eden Hall Farm, the facility will be the second residential college campus in the North Hills of Pittsburgh and the first university in Northern Allegheny County. The institution has hired world-renowned Andropogon and BNIM to develop the Eden Hall master plan, while architecture firm Mithun will be in charge of building design. The project consists of an estimated $40 million investment in a carbon neutral, zero-net energy facility that will include high performance green buildings and the latest in sustainable land, energy, and water management techniques.

  • ANSYS to Establish New Headquarters at Southpointe II Business Park

    By Adriana Pop, Associate Editor Southpointe-based technology company ANSYS will establish a new headquarters at the Southpointe II Business Park, less than a mile away from its current 107,000 square-foot space. According to the Pittsburgh Business Times, the company has signed a 15-year lease for a new 186,000-square-foot building scheduled for completion in the fourth [...]

  • ERT to Acquire Biomedical Company Invivodata

    by Adriana Pop, Associate Editor Global technology company ERT purchased Pittsburgh-based biomedical company Invivodata, Inc. for an undisclosed amount. The acquisition positions ERT as a leader in Clinical Outcome Assessments. The transaction was facilitated by San Francisco-based private equity group, Genstar Capital LLC, which recently announced it has completed the acquisition of ERT. In June, [...]

  • Action Housing Develops Western Pennsylvania’s First Passive House

    by Adriana Pop, Associate Editor Action Housing Inc. is developing the first Passive House in western Pennsylvania. Passive Houses are extremely energy efficient buildings that save space heating costs while preserving high indoor air quality. The 1,800-square-foot home will be developed according to Passive House standards, a German system of constructing airtight buildings that need little or no [...]

  • Bankkruptcy Court Approves Grubb & Ellis’s Sale to BGC Partners

    by Adriana Pop, Associate Editor BGC Partners Inc., a New York financial services firm, has received the bankruptcy court’s approval to acquire substantially all the assets of Grubb & Ellis Co., the fifth-largest commercial property manager in the Pittsburgh region according to the 2012 Pittsburgh Business Times Book of Lists. On Feb. 20, Grubb & Ellis listed [...]

  • Mylan to Build Corporate HQ in Town Center Overlay District

    by Adriana Pop, Associate Editor Mylan Inc. plans to develop new corporate headquarters near its current location in the Southpointe Office Park in Cecil Township, Washington County, Pa. The project entails the development of an approximately 280,000-square-feet LEED-certified office building. Expected to [...]

  • New Retail Space to Replace Boscov’s at South Hills Village Mall

    by Adriana Pop, Associate Editor Construction of new retail space is underway at the site of the former Boscov’s department store at South Hills Village shopping mall. According to the Pittsburgh Post-gazette, the investment entails the development of both a 145,000-square-foot [...]

  • PNC’s $400M Leed-Certified Tower Gets Green Light

    By Liviu Oltean, Associate Editor The city planning commission voted in favor of the development of Tower at PNC Plaza. The tower is a 33-story glass office building that will house PNC Financial Services Group. Estimated to cost about $400 million, the PNC tower [...]