Pittsburgh's first micro-apartments being planned

 

In an age of McMansions, SUVs and bulging waistlines, two local developers are looking to put the rental unit on a diet and bring the first so-called micro-apartments to the city.
Burns & Scalo Real Estate Services Inc. has an agreement to buy the eight-story former Graphic Arts building at 422 First Ave., downtown, and is considering a plan to convert it, along with a newly built addition, into 100 micro-apartments.
The apartments would range in size from 300 to 400 square feet, and would likely be rented for less than $1,000 a month.

Read the rest of the article by Tim Schooley here.

Tim Schooley Reporter- Pittsburgh Business Times

Harsco Leases 17,000 SF at One Adams Place

Harsco Leases 17,000 SF at One Adams Place - CoStar Group

Harsco Metals America has leased 16,987 square feet at One Adams Place in Seven Fields, PA.

One Adams Place is a three-story, 102,000-square-foot office building constructed in 2004 in the Butler County submarket, as part of the Seven Fields Town Centre.

 

 

The landlord was represented by Tim Goetz, a founding member and managing principal of GSA. He is primarily responsible for landlord and tenant representation, owner and tenant relations, lease negotiations, analyses, and consulting. Mr. Goetz also is GSA’s primary liaison with Cushman & Wakefield, of which GSA is an Alliance member. Prior to forming GSA in March 1993, Tim spent 19 years with the Galbreath Company in Pittsburgh and held various positions including Director of Leasing and Senior Vice President. As SVP, he had responsibility for the management and leasing of nearly 6.0 million square feet of downtown and suburban office space.

 

Football Only Concept Perfect for Western Pennsylvania

Nike & Champs have launched a new concept retail store that is geared toward Western Pennsylvania's favorite pastime -- football.  Although Nike & Champs have not determined where the next store will open, they have already launched a store in Wayne, N.J.

In a press release, Nike said they will serve "football athletes 365 days a year by providing access to unique products, training and game expertise, and professional athletes".

Will this new concept come to Western Pennsylvania?  Only time will tell.

Go Green or Go Home

Local officials and building owners pledge to the City they will 'go greener' in the near future.

 

 

One by one, they stepped to the microphone Tuesday to pledge some of Downtown's most celebrated properties -- from One Oxford Centre to PNC Park -- to going greener.

 

-Article from the Pittsburgh Post-Gazette

 

GSA Handled 3 of the Top 5 Q2 Deals in Pittsburgh--Who is your Broker?

Pittsburgh's Select Top Office Leases for Q2 2012 - CoStar Group

The Dark Knight Rises Filmed Key Scenes In Pittsburgh; Hollywood Is Following Its Lead

Pittsburgh's 25% tax credit to filmmakers who spend at least 60% of their budget in Pennsylvania is giving rise to the Dark Knight and many more.  Check out this article on how Hollywood is boosting Pittsburgh's real estate market. 

Chapter 11 Filing Blocks Sheriff's Sale of UTB

The Union Trust Building did not go up for sheriff's sale yesterday because of a new Chapter 11 filing by its current ownership, 501 Grant Street Partnership, LLC.  Take a look at the below Pittsburgh Post-Gazette article for more information on the status of the Union Trust Building.

Owner of Union Trust Building in Pittsburgh Seeks Protection

Going Once, Going Twice...Union Trust Building Up for Auction Today!

The Union Trust Building is up for auction today.  This building has a rich history and is a true landmark on Grant Street.

Henry Clay Frick built three major buildings in Pittsburgh: in l901-1902 the Frick Building and in l915-1917 the William Penn Hotel and the Union Arcade (now known as the Union Trust Building).  Henry Clay Frick wanted these buildings to be the finest in America and for them to compete with buildings in New York City. 

The Union Trust Building was designed by noted Pittsburgh architect Frederick J. Osterling.  The architectural style of this building,  Flemish Gothic,  was intended to compete with the Woolworth Building in New York City of similar Flemish Gothic, a somewhat contemporary style.  The first four floors of the eleven story office building were designed for retail.  They originally housed 240 shops, second in the city to the Jenkins Arcade.  This period of development in l917 was prior to shopping centers and virtually all shopping was done in town.

The Union Trust Building encompasses an entire block:  Fifth Avenue, Oliver Avenue, William Penn Way and Grant Street.  The building contains a total of 600,000 square feet in its eleven floors.  The gross area per floor is 54,000 square feet with the rentable area being 45,000 square feet per floor.  The spectacular Central Rotunda, extending up 10 floors, has served in recent times as a money drop location to support charities during the holiday season.

 The exterior Gothic design of the Union Trust Building features the typical pointed arches, but it is often thought that the two chapel-like structures on the roof were built to recall the church that had occupied the site prior to l915.  Actually, they are the housing for the elevator mechanical equipment and provide some added space for building operations.

 Mellon Bank Corp. completed a major renovation of the Union Trust Building in l985-1986 to include new HVAC equipment, new double pane windows, and installation of the tenth and eleventh floors conference and meeting centers.  The basement originally had extensive lock boxes, a very large vault as well as the Colonade Restaurant.  The restaurant is now gone, having been replaced by sixty parking stalls with an entrance from William Penn Way.

 The Union Trust Building continues to be one of the most attractive buildings in the city, and its location at 501 Grant Street is considered by many as the “100% business address” in Pittsburgh.

-James C. Dawson

Mr. Dawson is a retired, founding principal of Grant Street Associates, Inc.  Currently, he is a member of the Pittsburgh History &  Landmarks Society and hosts weekly walking tours in Downtown Pittsburgh during the warm weather months.

Beauty Is as Beauty Does - But When it Comes to Buildings, Does Beauty Outperform? - CoStar Group

Do better looking buildings attract more stable tenants or do tenants tend to gravitate more toward better looking, class A buildings in times of real estate downturn because they have more confidence in ownership?  It's an interesting 'cart or horse' read...what is your opinion?

Carnegie Mellon University Adds 3 Stories to the US Steel Tower - (Virtually)

One of the many great things about living in Pittsburgh is being CMU's test market, of sorts.  Pittsburgh is able to see the new gadgets, websites and even virtual buildings before the rest of the world.  The latest genius project to come out of CMU is the Entertainment Technology Center (ETC) which was created to show architects, business owners and tourists all that their unused space has to offer.  Check out the link below to see CMU's website where they explain the ETC project.

Entertainment Technology Center - CMU

The Grant Building -- Through the Ages

The Grant Building was completed in 1930 and has continued to be one of Pittsburgh's premiere buildings.  The building advertising has changed A LOT in the last 80+ years, but many elements of the building have stayed the same.  Here is an ad that ran in the Pittsburgh Press on March 4, 1930:

The Grant Building is still an outstanding structure, both efficient and beautiful, and still remains a leader among office buildings in Downtown Pittsburgh.  Rents are still reasonable and the Grant Building still houses many amenities that make it a "city within a building", to include two banks, two full-service restaurants, a salon, a private fitness center for building tenants, a sundries shop and a shoe shine.  The Grant Building also has an underground parking garage with a car detail service.  If you want to take a look at the building, you no longer can "Phone Grant 3300, or all at Room 420", we now have a much better system of communication and you can phone Grant Street Associates at 412-391-2600 or visit our website at www.gsa-cw.com.

www.gsa-cw.com

Welcome to our blog!

Welcome to Grant Street Associates blog.  We encourage you to check back often for news and updates in the Pittsburgh commercial real estate world and we welcome your input and feedback as well.

At Grant Street Associates, Inc., we aim to be your commercial real estate provider of choice - the standard for industry knowledge, service and execution in the Pittsburgh region.  As a full-service commercial real estate firm and member of the Cushman & Wakefield Alliance, Grant Street Associates has been providing unsurpassed client-oriented tenant, landlord and buyer and seller representation services since 1993.

Grant Street Associates is one of the most dedicated, recognized and respected commercial real estate firms in the Greater Pittsburgh Region.