20A — February 12 - 25, 2016 — Western Pennsylvania — M id A tlantic
Real Estate Journal
W estern P ennsylvania
HFF markets property on behalf of the seller, Oxford Development Company Shorenstein enters Pittsburgh, PA market with acquisition of One Oxford Centre P ITTSBURGH, PA — Shorenstein Prop- erties LLC , a private building’s position among the top tier of corporate addresses in downtown Pittsburgh.
A office space above 59,000 s/f of retail and is the third tallest building in the city. The building also features the Rivers Club, a 73,000 s/f fitness, dining and social club. The building is currently 81 percent leased with major tenants including the law firms of Buchan Ingersoll & Rooney and Clark Hill PLC. Shorenstein plans to imple- ment a comprehensive capital improvement program to ad- dress mechanical and build- ing systems upgrades and improve the lobby and com- mon areas such as corridors and restrooms, to solidify the
managing director John H. Pelusi, Jr. and senior man- aging director Mark Popov- ich . The HFF debt placement team also was led by Pelusi and Popovich along with executive managing director Mike Tepedino. “HFF has been involved with the capitalization of One Oxford Centre since its construction in 1983,” Pelusi said. “It is only fitting that Shorenstein, a nationally renowned and prolific office owner with 25 million s/f under ownership, is acquir- ing this landmark, Class A office building, which was the vision of Ed Lewis of Oxford Development Company.” If you no longer wish to re- ceive press release announce- ments from HFF, kindly respond to this message and we will remove you from our distribution list. n Program appoints Mosites as chairman Pittsburgh, PA — The Construction Advancement Program of Western Pennsyl- vania (CAP) announced that Dean Mosites has been named Chairman of CAP. Mosites is President of the Building Division at Mosites Construction, a third gen- eration commercial general contractor and construction management firm established in 1961. Mosites is Immediate Past President of the Master Builders’ Association of West- ern Pennsylvania. Joining Mosites on the CAP executive board are Steven M. Massaro and JackW. Ramage. Massaro, Senior Vice Presi- dent of Massaro Corporation, will serve as CAP Treasurer. Ramage will serve as CAP ex- ecutive director; he also serves in this position for the Master Builders’ Association. NOTE: Pictures of each individual are available. About CAP: The Construc- tion Advancement Program is a service organization es- tablished in 1961 via the col- lective bargaining agreements between the Master Builders’ Association and the various building trades unions. The primary function of CAP is to provide services benefiting all persons, management and labor alike, who earn their living in union construction. n Construction Advancement
This acquisition was made on behalf of Shorenstein Realty Investors Eleven , a $1.22 billion commingled fund formed in 2014. Holliday Fenoglio Fowl- er, L.P. (HFF) marketed the property on behalf of the seller, Oxford Develop- ment Company . Addition- ally, HFF worked on behalf of the new owner to place the acquisition loan with Helaba and CIBC. The HFF investment sales team was led by executive
real estate investment firm and fund sponsor engaged in the ownership of high quality office and mixed- use properties nationwide, has acquired One Oxford Centre, a 45-story office and retail mixed-use complex and 840-stall parking garage at 301 Grant St. in the heart of downtown Pittsburgh. It is the firm’s first acquisition in the western Pennsylvania city. Built in 1983, One Oxford includes 879,000 s/f of class
One Oxford Centre
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