S hopping C enters P ennsylvania F eaturing C entral & W estern pa www.marej.com M id A tlantic Real Estate Journal — Pennsylvania — February 2024 — 9B David Zimmel coordinates 120,000 s/f lease at class A industrial facility Zimmel Associates aids client relocation in Bethlehem, PA with crucial lease agreement
PITTSBURGH, PA — Ox- ford Development Compa- ny announced the completion of 183,000 s/f in commercial lease transactions in 2023 within the 3 Crossings campus. 3 Crossings is in the Strip District neighborhood of the City of Pittsburgh. In 2023, 220,000 s/f of office space was leased in the Strip Dis- trict submarket with 83% of such leasing occurring within 3 Crossings. The transactions encompass a range of commercial spaces, catering to the needs of a va- riety of businesses seeking a strategic presence within the urban landscape. From cutting- edge tech firms to medical enterprises to businesses that serve the needs of the local community, the leased spaces will contribute to the develop- ment of thriving and intercon- nected local, regional, and global business communities. “We all know too well that the pandemic and subsequent economic turmoil have pro- vided long-term challenges, particularly to the real es- tate industry. Getting these deals done in this difficult The leased property, lo- cated at 2500 Emrick Blvd., highlights Zimmel Associ- ates' commitment to securing advantageous solutions for their clients. Zimmel As- sociates has a longstanding relationship with J.G. Pe- trucci Co, Inc. , considering them among the top owners in the region. This 120,000 s/f class A industrial facility, constructed in 2017, features modern amenities and a stra- tegic location, conveniently located near the Rte. 78 exit. The property's proximity to commuter rail and transit B ETHLEHEM, PA — Zimmel Associates , a renowned real estate brokerage firm, recently or- chestrated a substantial lease transaction in Bethlehem.
managed the Edison property lease, suggested Bethlehem as an ideal solution, especially because of the close proximity to a nearby building Romeo and Layla currently own. Zim- mel had recently facilitated that sale which consisted of a 250,000 s/f building, where they occupied 75,000 s/fin Bethlehem. This new lease aligns seamlessly with their expansion objectives, posi- tioning them for growth and success in their new location. Zimmel’s guidance resulted in Romeo and Layla securing a strategic long-term seven-year lease for a 70,000 s/f section of the Emrick Blvd. property. Zimmel Associates was in- strumental in bringing their long-term tenant, Romeo and Layla, to connect with Petrucci, Case Research, Oshkosh Cor- poration, Epic Games, Inpleo, Branding Brand, and Oxford. Hayner Dental joins a group of personal service providers including Stout Fitness, Mad- abolic, and Stacks Fitness. “The journey of 3 Crossings, from mere concept in 2014 to today's bustling innovation center, is a testament to our commitment to thoughtful, sustainable development and an abiding affection for Pitts- burgh. Our ethos of cultivating strong local partnerships has shaped this transformation,” said Anne Lewis , Oxford's Board Chair. “It’s as much a part of the architecture of 3 Crossings as the design of the buildings themselves.” Key highlights of 3 Cross- ings include: Sustainable Design: Ox- ford remains committed to sustainable practices and working to do its part to re- duce climate-warming green- house gas emissions, aligning with the city’s environmental goals, as well as protecting the health of all who visit 3 Cross- ings. Buildings on the campus have achieved LEED Gold or
a move that the Petrucci com- pany greatly valued. The leased space within the Petrucci- owned property offers Romeo and Layla an optimal business environment, boasting 32-foot ceiling heights, 3,500 s/f of of- fice space, and five tailboard loading docks, optimizing their operational capabilities. "We're thrilled to have facilitated this significant lease agreement, steering our client toward a prosper- ous future in a strategically advantageous location," re- marked David Zimmel , president at Zimmel Associ- ates. "This move not only signifies a cost-effective so- lution for our client but also underscores our commit- ment to delivering tailored real estate solutions." MAREJ Silver certification and the WELL Health + Safety rating. Oxford was also an initial sig- natory to the Pittsburgh 2030 District and continues to com- mit all buildings in 3 Cross- ings to the District, an effort of the Green Building Alliance to reduce energy consumption, water usage, and greenhouse gas emissions. Innovative Workspaces: The newly leased spaces of- fer state-of-the-art facilities, providing businesses with the ideal environment to innovate and collaborate. Strategic Location: Situ- ated within the heart of the Strip District, the urban cam- pus provides convenient access to transportation, amenities, and a vibrant local community. Economic Impact: The in- flux of businesses is expected to generate economic growth, create job opportunities, and contribute to the overall pros- perity of the city. Developed parcels in 3 Crossings have realized an 842% increase in annual tax revenue generated for the city, county, and school district over what they were prior to development. MAREJ
2500 Emrick Blvd.
networks enhances accessibil- ity, offering a streamlined ad- vantage for both the workforce and distribution channels. This lease, coordinated by David Zimmel of Zimmel Associates, marked the relo- cation for their long standing
client, Romeo and Layla, to this prime Bethlehem loca- tion. After a decade in Edison, Romeo and Layla faced the conclusion of their lease amid soaring rents. Seeking alternatives, Zim- mel Associates, having initially
Oxford Development Company secures nearly 183,000 s/f in commercial lease transactions within the 3 Crossings campus
environment takes ingenuity, collaboration, diligence on all sides, and a strong reputation for delivering excellence and on promises. We are grateful that these companies believe in Pittsburgh and this neigh- borhood as much as we do. We will continue to roll up our sleeves and get creative to make growth happen,” said Steve Guy , president and CEO, Oxford Development Co. Oxford's expertise in under- standing the evolving needs of modern businesses and its dedication to crafting spaces that align with the city's vi-
sion for growth have played a pivotal role in securing these leases. The 3 Crossings campus, now enriched by this influx of diverse businesses, positions itself as the hub of innovation and economic ac- tivity in the region. Newcomers Excelitas, Stack AV, Bizowie, Baird, OrthoMid- west, and BlackRhino will join a group of established technology and professional service firms including Latitude AI, Burns White, GNC, Smith + Nephew, Rycon Construction, Robert Bosch, Honeywell Robotics, Free Market Health, Edge
Made with FlippingBook flipbook maker