{"id":1004144256,"date":"2016-05-18T09:43:48","date_gmt":"2016-05-18T17:43:48","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004144256"},"modified":"2021-05-14T20:53:47","modified_gmt":"2021-05-15T04:53:47","slug":"shorenstein-sets-bar-high-for-downtown-pittsburgh","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/shorenstein-sets-bar-high-for-downtown-pittsburgh\/","title":{"rendered":"Shorenstein Sets Bar High for Downtown Pittsburgh"},"content":{"rendered":"

By Adriana Pop, Senior Associate Editor <\/em><\/p>\n

Pittsburgh<\/strong>\u2013Shorenstein Properties<\/a>, the new owner of One Oxford Centre in Pittsburgh, is asking $34 per square foot for the building\u2019s office space. This amount marks the highest asking rent price for the city\u2019s downtown\u2013colloquially referred to as the <\/span>Golden Triangle\u2013which might cause a ripple effect throughout the area, the Pittsburgh Post-Gazette<\/a> reported.<\/p>\n

\"One<\/a>

One Oxford Centre in Pittsburgh<\/p><\/div>\n

Downtown Pittsburgh average asking rates for Class A office space currently range from $27.70 to $29.17 per square foot. Even the office space in the newly opened Tower Two Sixty<\/a> near Market Square, which goes from $30.50 to $32 per square foot, isn\u2019t as expensive as the 45-story skyscraper at 301 Grant St.<\/p>\n

The San Francisco-based company acquired One Oxford Centre<\/a> in January, with plans to renovate the property. According to Jeremy Kronman, the CBRE executive vice president who is leasing space for Shorenstein at Oxford Centre, the asking rent is right on the money, given the level of investment the company intends to make.<\/p>\n

\u201cWhile it may be one of the most expensive in Pittsburgh, it will be one of the least expensive trophy renovated properties in the country,\u201d Kronman told the newspaper.<\/p>\n

One Oxford Centre, which ranks as the third tallest building in the Golden Triangle, was built in 1983. The 1.1 million-square-foot high-rise includes 879,000 square feet of Class A office space, 59,000 square feet of retail and a separate eight-story garage with 840 parking spaces.<\/p>\n

Some observers of the market, however, remain skeptical about the possibility of a rent hike in the tight downtown office market, citing the fact that more space is opening up. Such is the case of U.S. Steel Tower or 525 William Penn Place, where BNY Mellon is vacating about 600,000 square feet. Meanwhile, the renovated Union Trust Building also has large portions of vacant space.<\/p>\n

Shorenstein is currently in the process of selecting an architect for the One Oxford Centre renovation, which reportedly amounts to $50 million. The property is set to get the \u201cabsolute latest and greatest\u201d in terms of improvements, Kronman said. \u201cNo other tower has undergone this level of renovation,\u201d he added.<\/p>\n

If the California firm is able to entice tenants to commit to the $34 per square foot asking price, rents in other Class A, and even B and C, properties could also go up in downtown Pittsburgh.<\/p>\n

Image courtesy of Shorenstein Properties<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

One Oxford Centre commands unprecedented office rent for the Golden Triangle. <\/p>\n","protected":false},"author":260,"featured_media":1004144257,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21742,10,21747,1602],"tags":[],"class_list":["post-1004144256","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-latest","category-northeast","category-office","category-pittsburgh"],"acf":[],"yoast_head":"\nShorenstein Sets Bar High for Downtown Pittsburgh - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/shorenstein-sets-bar-high-for-downtown-pittsburgh\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Shorenstein Sets Bar High for Downtown Pittsburgh\" \/>\n<meta property=\"og:description\" content=\"One Oxford Centre commands unprecedented office rent for the Golden Triangle.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/shorenstein-sets-bar-high-for-downtown-pittsburgh\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-05-18T17:43:48+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-15T04:53:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/05\/One-Oxford-Centre-in-Pittsburgh.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1026\" \/>\n\t<meta property=\"og:image:height\" content=\"597\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Adriana Pop\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/shorenstein-sets-bar-high-for-downtown-pittsburgh\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/shorenstein-sets-bar-high-for-downtown-pittsburgh\\\/\"},\"author\":{\"name\":\"Adriana Pop\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/c6fbe4a6cd09e6097b39e787ae96d7ad\"},\"headline\":\"Shorenstein Sets Bar High for Downtown Pittsburgh\",\"datePublished\":\"2016-05-18T17:43:48+00:00\",\"dateModified\":\"2021-05-15T04:53:47+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/shorenstein-sets-bar-high-for-downtown-pittsburgh\\\/\"},\"wordCount\":405,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/shorenstein-sets-bar-high-for-downtown-pittsburgh\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2016\\\/05\\\/One-Oxford-Centre-in-Pittsburgh.png\",\"articleSection\":[\"Development\",\"News\",\"Northeast\",\"Office\",\"Pittsburgh\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/shorenstein-sets-bar-high-for-downtown-pittsburgh\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/shorenstein-sets-bar-high-for-downtown-pittsburgh\\\/\",\"name\":\"Shorenstein Sets Bar High for Downtown Pittsburgh - 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