CBRE Global Investors Fund acquires office building in Pittsburgh CBD
A fund advised by CBRE Global Investors has acquired Liberty Center, a 27-story, 529,289 square foot Class A office building located in the central business district of Pittsburgh, Pennsylvania.
The property’s location offers tenants immediate access to major thoroughfares, the Cultural District, David L. Lawrence Convention Center, the Strip District and the Pittsburgh Amtrak Station. The downtown area has recently seen a migration toward the Strip District due to the arrival of well-known technology companies and the emergence of new restaurants, bars and apartment communities, and Liberty Center is positioned to be a beneficiary of the improving neighborhood.
Liberty Center is already among the top Class A office buildings in the Pittsburgh CBD. CBRE Global Investors plans to enhance the property through implementation of its proprietary 5-Star Worldwide service and amenity program. As it does with all office buildings globally, CBRE Global Investors also plans to pursue the highest possible environmental certification.
“Institutional demand for Pittsburgh office has increased significantly,” said Vance Maddocks, Chief Investment Officer of CBRE Global Investors Americas. “The metro has particularly strong educational and cultural institutions, which has allowed for a more diversified economy. The Pittsburgh CBD office market has one of the lowest vacancy rates in the United States.”
Source: CBRE Global Investor