Modern facility renovations bring new Class A Office Space to Monroeville
MONROEVILLE, PA – March 12, 2013 Allegheny County Executive Rich Fitzgerald, joined by partners Reit Management & Research LLC and Oxford Realty Services, Inc. today cut the ribbon at 4350 Northern Pike in Monroeville, a 505,000 square foot office building set on a 138 acre park-like campus. The newly renovated office space will be able to accommodate up to 1,500 new jobs for the Monroeville community. The property is owned by CommonWealth REIT and managed by Reit Management & Research LLC, Real Estate Services.
“I’m really thrilled to see this property re-used and re-purposed in such a positive way. There has been substantial work and investment put into this property, which makes it an attractive site for companies in and around Monroeville,” said County Executive Rich Fitzgerald. “Through collaborative efforts like this, we can fill this building and continue to see growth in the eastern part of Allegheny County.”
From left to right: Michael Daniels, Oxford Realty Services, Inc., Dan Brogan, Reit Research and Management, Barbara McNees, Greater Pittsburgh Chamber of Commerce, County Executive Rich Fitzgerald, and Monroeville Mayor Gregory Erosenko
Located in one of Pittsburgh’s most robust commercial districts, the facility contains two towers connected by common entrance. The facility and entry area boasts a state of the art security system with manned security station, cameras and turnstiles. The common section houses a food kiosk, dining area, conference rooms and wellness amenities.
The building was purchased in 2004 when Westinghouse Electric Company was the major tenant. Several years ago Westinghouse’s expansion prompted their move out of the facility, and it was at that time that the owner began to plan for a major renovation to the building.
“We recognized an excellent opportunity with this asset, and we continue to maintain our dedication to the Pittsburgh region,” said Dan Brogan, Vice President, Northeast Central Region, Reit Management and Research.
Renovations include demolition and installation of upgraded fire safety measures, along with improvements to the lobby, food service, and interior public spaces. Restrooms were modernized and brought to ADA compliance.
The property provides for needs that are imperative to today’s work environment including abundant parking, plenty of green space, reliable power, high speed telecommunication options, emergency power for the entire building, and tenant amenities.
“The renovated space availability at 4350 Northern Pike represents one of the largest tenant ready blocks of contiguous space in Southwestern Pennsylvania, and provides an extremely high level of facility services and attributes,” said Michael Daniels, Vice President Oxford Realty Services, Inc.
Current tenants in the building include AmeriSource Bergen, Pittsburgh Supercomputing Center, and Westinghouse. A total of 225,000 SF is available for lease on the 2nd, 3rd, and 4th floors of the East Tower. Each floor is 67,000 SF.
“With employment in the Pittsburgh region hitting record levels, the demand for real estate is not expected to abate any time soon. The availability of this building will only help to keep the region’s positive economic momentum moving forward,” said Barbara McNees, president, Greater Pittsburgh Chamber of Commerce.
CommonWealth REIT is a real estate investment trust, or REIT, which primarily owns office and industrial properties located throughout the United States. As of September 30, 2012, CWH owned $7.2 billion of office and industrial properties with approximately 52.9 million square feet located in 31 states, Washington, D.C. and Australia. CWH is headquartered in Newton, Massachusetts. Reit Management & Research LLC, Real Estate Services, also headquartered in Newton, Massachusetts, manages more than 93 million square feet of commercial office, industrial and medical office buildings across the country.
