Gateway Health Plan Moves Principal HQ to Four Gateway Center
- Oct 02, 2012
By Adriana Pop, Associate Editor
Gateway Health Plan has leased 100,000 square feet of commercial space at the Four Gateway Center in downtown Pittsburgh and plans to move its headquarters to the new offices by April.
The company will occupy floors 17 to 21 and a portion of the first floor in the high-rise, which is part of the Gateway Center, a four-building, 1.5 million-square foot office complex owned and managed by Hertz Investment Group of Los Angeles.
The Pittsburgh Business Times reports that Bill Leone and Pat Sentner of Colliers International represented Gateway Health in the negotiations. The company will be leaving the U.S. Steel Tower, where it subleases office space from PNC Financial Services Group Inc. and has been located since 2002.
According to a report released by CBRE Group, Pittsburgh’s average asking lease rates increased in all classes over the second quarter of 2012. Class A rates across the submarkets continue to increase each quarter, especially in the downtown market area. This trend is expected to continue as space becomes even more limited, giving property owners more leverage in lease negotiations.
In other news, Massaro Dawson Group plans to build a 320-unit apartment complex with four buildings and a clubhouse on a 6.43-acre surface parking lot adjacent to the South Hills Village T station. The new development is part of a $41.5 million transit oriented development recently approved by the Port Authority Planning and Stakeholder Relations Committee.
“Massaro Dawson Group has put forward an exciting plan to develop a 298,000 square-foot residential complex at the South Hills Village T Station, and we look forward to working with them to make this vision a reality,” Allegheny County Executive Rich Fitzgerald commented in a press statement.
In exchange for the right to build the apartment community and the use of 160 parking spaces in the garage, the developer has proposed a 52-year lease worth more than $5.5 million. The exact terms of the lease agreement will be subject to final review and approval by the Port Authority Board of Directors and the Federal Transit Administration.
Photo credits: Wikimedia Commons
Chart courtesy of: CBRE Group, Inc.