16C — February 14 - 27, 2014 — Pennsylvania — Mid Atlantic Real Estate Journal
www.marejournal.com
Western PA
Local project professionals managed construction Bluebird Kitchen makes new home at 11 Stanwix announces CBRE & GLL
P ITTSBURGH, PA — GLL Real Estate Partners (GLL) and CBRE announce a new lease at 11 Stanwix, a 23-story, class A office tower located in vibrant downtown Pitts- burgh. Bluebird Kitchen—an in- novative, fresh cuisine res- taurant - leased 1,600 s/f for 5 years. Bluebird Kitchen’s new location at 11 Stanwix allows for a larger dining area than their existing location on Forbes Ave. CBRE’s local project man- agement professionals man-
aged the construction of the new space for Bluebird Kitch- en. Additionally, the ownership of 11 Stanwix has complet- ed $6.3 million in upgrades with another $4.3 million in improvements planned for 2014. The capital improve- ments and environmentally friendly operational changes at the property have qualified 11 Stanwix for Energy Star compliance, and the building is working toward its Silver LEED designation. These im- provements will save 24,587 kW-hours of electricity, 5,428
gallons of oil, 1,285 gallons of gasoline and 756 mature trees every year. JeremyKronman , CBRE’s lead leasing agent for 11 Stanwix, commented, “The investment GLL made in this property puts it on par as one of the top office buildings anywhere in this region. The new elevators and mechanical systems at 11 Stanwix are far superior to the old systems still running in many of the downtown buildings that have historically comprised the trophy class.” The fully renovated prop-
Colliers announces breaking ground on Schenley Place erty offers up to 130,000 s/f of high-rise, green-building class A office space with all new building systems. n
11 Stanwix
We’ve got the capital connections to deliver the right results.
Schenley Place
PITTSBURGH, PA — Elm- hurst Group broke ground December 6, 2013 on Schen- ley Place, a 105,000 s/f “class A” office building with seven stories and three levels of un- derground parking. Schenley Place is located on Bayard St. and Ruskin Ave. in Oakland. Elmhurst Group signed a long-term land lease with First Baptist Church of Pitts- burgh for this project, which is estimated to be completed by March of 2015. The First Baptist Church of Pittsburgh in 2004 hired Paul Horan , Founding Prin- cipal, and Ralph Egerman , Principal, of Colliers Inter- national | Pittsburgh for assistance in increasing its cash flow and providing funds to improve the 100 year old church building. Horan and Egerman sug- gested to the Board of Trust- ees that their parking lot had significant value as a develop- ment site. The Board of Trust- ees selected the Elmhurst Group to be the developer for the project and a long term ground lease was executed to improve the Church’s fi- nances. “Paul and I feel very privi- leged to have had an opportu- nity to work with the Church and Elmhurst, on this exciting project. Colliers International | Pittsburgh is proud of our work on behalf of non-profits and our role in the growth of our city,” said Ralph Egerman, Principal at Colliers Interna- tional | Pittsburgh. n
R E C E N T N O R T H M A R Q T R A N S A C T I O N S
$4,875,000 Novant Medical Center SIZE: 25,957 SF CITY: WAXHAW, NC LENDER: LIFE COMPANY
$1,675,000 Stub Hub SIZE: 52,568 SF CITY: GRANDBY, CT LENDER: LOCAL BANK
$2,160,000 120 East Avenue SIZE: 31,168 SF CITY: ROCHESTER, NY LENDER: LOCAL BANK
Real Estate Capital
northmarq.com
33 OFFICES COAST-TO-COAST UPSTATE NEW YORK 585.262.2100
SAM BERNS | MICHAEL JAMES SCOTT DEVINNEY | DEREK CARROLL
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