Tempus Realty Buys Pittsburgh Office Asset for $44M
The 104-year-old property originally served as a warehouse.
Tempus Realty Partners has paid $43.8 million for 1600 Smallman, a 125,000-square-foot office property in Pittsburgh. McCaffery Interests previously owned the fully leased asset, according to CommercialEdge information.
Originally completed as a warehouse in 1921, the four-story building was repurposed for office use in 2021. The property also includes 31,405 square feet of ground-floor retail.
The low-rise serves as the headquarters of autonomous vehicle technology company Aurora Innovation. The retail component is home to three tenants, namely Balverna, Orr’s Jewelers and Design Within Reach.
READ ALSO: Urban Office Distress Deepens
After undergoing renovations, 1600 Smallman received the LEED Gold certification for its sustainability features, such as energy-efficient windows, highly efficient water fixtures, outdoor air delivery monitoring and recycling possibilities.
Located at 1600 Smallman St. in the Strip District, the property is just outside downtown Pittsburgh, two blocks from Interstate 579. The low-rise is also within walking distance of The Terminal and adjacent to the David McCullough Bridge.
Office sales in Pittsburgh
Since the start of this year, only six office properties of more than 25,000 square feet changed hands in the Pittsburgh market, according to CommercialEdge data. The assets amount to more than 1.3 million square feet.
The largest traded property was the 45-story tower One Oxford Centre, at 1 million square feet, followed by 1600 Smallman. This makes Tempus Realty’s purchase the second largest office deal of this year so far for asset size.
You must be logged in to post a comment.