14C — March 13 - 26, 2015 — Pennsylvania — M id A tlantic
Real Estate Journal
Presented at the 2015 NAI Global Convention NAI Geis Realty Group wins NAIGlobalPresident’sAward
eystone Park, PA — Roddy Inc. represented BKWEn- Olender sells 3685 Marshall Lane, Bensalem Durkin of Roddy Inc. leases 35,000 s/f at 2100 Frost Road K
WAYNE, PA — NAI Geis Realty Group, Inc. received the NAI Global President’s Award in recognition of their leadership, teamwork and performance. NAI Geis Realty Group, Inc. is a member of NAI Global . The awards were pre- sented at the 2015 NAI Global Convention in Las Vegas. “NAI Geis Realty Group, Inc. continues to demonstrate great PHILADELPHIA, PA — SSH Real Estate has pro- moted Gregory Muller, Esq. to chief operating officer and partner. Since joining the company in December 2003, Muller has grown into a lead- ership role with direct, daily involvement in the brokerage, management and investment divisions of SSH. An attorney, Muller oversees all legal aspects of SSH’s three divisions, while also playing an integral role in financing, underwriting, due diligence, and asset management for SSH’s investment division. In addition, he is responsible for investor relations and SSH’s
commitment to NAI Global, and we are very proud of their achievements and contribu- tions to the organization,” said Jay Olshonsky , president of NAI Global. “They exemplify how our local market leader- ship is driving growth, and how Members are using the full power of the NAI Global network to help drive their business.” n “Greg has been a key part of our growth and success,” said Jeffrey Seligsohn , partner of SSH along with Peter Soens. “We are thrilled to promote him to this important role and welcome him as our partner.” During his tenure at SSH, Muller has participated in transactions totaling more than $350 million and more than three million square feet of commercial space. “I am excited and honored to be- come a partner at SSH,” said Muller. n Laubner’s ten years of ex- perience in appraising encom- passes a variety of commercial real estate work, including office and industrial, land and consulting. According to Dietrick, with the addition to Laubner, Di- etrick Group, LLC will be further able to broaden its base of activity beyond the Lehigh Valley to other peripheral areas. Laubner is a practicing member of the appraisal insti- tute and is a graduate of East Stroudsburg University with degrees in Business Manage- ment and Economics. n
vironmental Services, LLC in leasing 35,000 s/f of the 70,000 s/f one-story building located at 2100 Frost Rd., Keystone Park, Bristol. In a second transaction, Roddy represented Rolling K. Holdings, LLC in the pur- chase of 3685 Marshall Lane, Bensalem from 3685 Marshall Lane Associates who was rep- resented in the transaction by Matthew Collins of M.M.
2100 Frost Rd.
Robert Olender of Roddy Inc., who brokered the trans- action advised the facility was sold to Rolling K. Holdings, LLC for $1.1 million and will continue to be occupied by Combined Express, Inc. n
Collins Real Estate Co. The 11,072 s/f truck ter- minal is situated on 4.86, features 25-doors and a free standing maintenance facility. The property is located in the I-95 Industrial Park.
SSHRealEstatepromotesMuller daily legal work, including drafting and negotiating leas- es, and is the liaison with outside counsel.
Pittsburgh office market remains among . . . OF NEW DEVELOPERS Work has begun on the 28- acre, $500 million former Mel- lon Arena redevelopment site that upon completion will include apartments, offices, shops and entertainment ven- ues. U. S. Steel Corporation announced that it would kick off the development with the construction of a new 268,000 s/f, five-story headquarters building to be situated along the Centre Avenue side of the site. In addition to 250,000 s/f of office space, the building also will feature retail shops and a museum dedicated to honor- ing the region’s steel heritage. The company will move 800 employees to the new building in 2017. corporate campus, and plans to invest several million dollars to renovate and modernize the complex. SUBURBAN OFFICE CONSTRUCTION HOLDS STEADY of the project includes 218,000 square feet (s/f) of office space over six floors. Google, Inc. al- ready has leased 68,588 s/f in the new building bringing its total occupancy in the complex to more than 425,000 s/f. Over 600,000 s/f of new construction is underway in Southpointe II, with more than half of the new space committed to tenants Ansys, Noble Energy and Rice Energy. In Cranberry Town- ship, Butler County, Sampson Morris Group is planning a 125,645 s/f mixed-use project called Ehrman Square; Sip- pel Industries plans to add a 190,000 s/f office building adjacent to the new Pitts- burgh Penguins/UPMC Sports Medicine facility; and, Chaska Properties is proposing an- other 100,000 s/f at Cranberry Business Park. OUTLOOK continued from page 4C Philadelphia, Pa — Pennrose Management Co. (PMC) has promoted John DeSantis to VP of information technology and Eileen Robin- son to director of accounting and finance. “It has always been part of Pennrose Management Company makes key executive team promotions my philosophy to recognize the professional achievements and capabilities of employees by promoting them to new levels of responsibility,” said Lee John Felgar , president, Pennrose Management. “Each of these positions plays a pivotal role in our success, so I was thrilled to promote internal talent.” Through his vision, drive and leadership of his highly tal- ented team of professional IT and Yardi experts, Pennrose is quickly becoming an industry leader. n
Allentown, PA — In a further expression of its commercial real estate ap- Laubner joins Dietrick Group, LLC Plymouth Meeting.
praisal activ- ities, Diet- rick Group, L L C h a s announ c ed that James L a u b n e r has j o i ned the company. Th e a n -
With an overall office vacan- cy rate consistently below the 10%mark for several quarters, local developers have slowly be- gun to respond with new specu- lative construction designed to address the lack of large blocks of class A space. Burns & Scalo completed construction on 2400 Zenith Ridge, a 150,000 s/f office building located within Southpointe Business Park. Though the building opened fully vacant, demand for space in the park by Marcellus- related businesses remains strong and should lead to new tenants by year-end. In fact, Crossgates, Inc. announced that its 45,000-s/f specula- tive Southpointe II building had been fully leased to ten- ants Rice Energy, 18,380 s/f; Computer Aid, Inc., 15,000 s/f; NiSource, Midstream Services and Stallion Oilfield Services. In Oakland, site work has be- gun on The Elmhurst Group’s Schenley Place, a 105,000 s/f office building situated near the Carnegie Mellon and University of Pittsburgh cam- puses. Walnut Capital broke ground on its $120 million Bakery Square 2.0 in nearby East Liberty. The first phase
nouncement was made by Linda Dietrick , a principal partner and founder of the company. Laubner was previously with Mastrioini &Associates, Inc. of
time for the opening of the new Nordstrom facility. Skelly and Loy, Inc., is a woman-owned engineer- ing and environmental consulting services firm, headquartered in Harris- burg, PA, with branch of- fices in State College and Pittsburgh, PA; Hunt Val- ley and Hagerstown, MD; and Morgantown, WV. Founded in 1969, the firm employees more than 150 engineers, environmental scientists, technicians, and support personnel, with a history of serving a wide range of public and private sector clients throughout the United States and abroad. Skelly and Loy has been rec- ognized by the Engineering News Record as one of the Top 500 Environmental Con- sulting Firms in the US and most recently earned a 2014 Pennsylvania Department of Environmental Protection Governor’s Award for Envi- ronmental Excellence for its work on the Allison Hill Au- tomotive Brownfields Reme- diation. AMS of Skelly and Loy, an affiliated subsidiary, constructs, operates, and maintains small municipal and commercial wastewater and potable water systems. n Conewago Industrial Park expands . . . continued from page 8C
Highwoods Properties an- nounced it had reached agree- ment with the Soffer Organiza- tion to construct a 388,000 s/f project to be called Highwoods @ SouthSide Works on the last four available parcels at the complex. Plans call for four buildings ranging from 32,000 s/f to 188,000 s/f that will be situated along the Mononga- hela River bank adjacent to the existing Hofbrauhaus and Hyatt House Hotel. On the op- posite side of the CBD, Faros Properties acquired a majority interest in Allegheny Center, a 1.2-million s/f office and multi-family complex origi- nally constructed as Alcoa’s
With a number of both build- to-suit and speculative projects slated to begin construction in 2015, Pittsburgh should see a significant increase in leasing activity over the next 12 months, though rental rates will remain virtually unchanged and vacancy will fluctuate as new product is delivered to the market. Inves- tor activity, particularly in the CBD, is expected to continue to increase in response to the market’s stability and high oc- cupancy levels in class A and B properties. n
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