{"id":1004163480,"date":"2017-01-09T04:40:07","date_gmt":"2017-01-09T12:40:07","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004163480"},"modified":"2020-05-18T23:58:20","modified_gmt":"2020-05-19T07:58:20","slug":"cbre-global-purchases-prime-pittsburgh-office-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cbre-global-purchases-prime-pittsburgh-office-tower\/","title":{"rendered":"CBRE Global Purchases Prime Pittsburgh High-Rise"},"content":{"rendered":"

By Barbra Murray, Contributing Editor<\/em><\/p>\n

Pittsburgh<\/strong>\u2014After a highly acquisitive 2016, CBRE Global Investors kicks off the New Year by announcing the purchase of Liberty Center, a 529,300-square-foot office asset in Pittsburgh. A fund advised by the global real estate investment management firm snagged the 27-story tower, taking it off the hands of Starwood Capital Group.<\/p>\n

\"Liberty<\/a>

Liberty Center<\/p><\/div>\n

Liberty Center last changed hands <\/a>as part of Starwood\u2019s $135 million acquisition of the office building and the connecting 616-key Westin Convention Center Hotel in 2013, in a deal that priced the office segment at approximately $60 million. CBRE Global is remaining mum on the amount it paid for Liberty Center\u2014sans hotel\u2014but per a Pittsburgh Post-Gazette article<\/a><\/em>, the price tag is thought to be roughly $98 million.<\/p>\n

Sited at 1001 Liberty Ave. in the city\u2019s central business district, Liberty Center, which also features 25,000 square feet of retail space, made its debut in 1987 and has since maintained its luster through a series of renovations. CBRE Global plans to continue the tradition of upgrading; the company will execute its proprietary 5-Star Worldwide service and amenity program at the property.<\/p>\n

Per the Post-Gazette<\/em> article, the purchase of Liberty Center marks CBRE Global\u2019s first foray into Pittsburgh. But the firm is hardly alone in its newfound attraction to the city. According to a third quarter report by commercial real estate services firm CBRE Group, CBRE Global\u2019s parent company, \u201cThe Pittsburgh office market experienced an inflow of institutional money from investors who typically target larger gateway markets like New York City, Washington, D.C., and San Francisco.\u201d It\u2019s a good time to own in Pittsburgh. As noted in the report, the average asking rate has been on the upswing for the last 15 quarters, and in the third quarter, it reached a record high of $22 per-square-foot across all property classes.<\/p>\n

The Liberty Center acquisition comes on the heels of a particularly active quarter for CBRE Global. Among the firm\u2019s plethora of purchases in the last three quarters of 2016 were a 45 percent stake in a $1.5 billion West Coast retail portfolio<\/a> totaling 7 million square feet; the 394,000-square-foot California Plaza office property<\/a> in metropolitan San Francisco; and the 2.3 million-square-foot Hillwood Portfolio, a group of logistics parks in Poland. Time will tell if the buying binge will continue in 2017.<\/p>\n

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

Liberty Center, a 529,300-square-foot tower, marks the company\u2019s first foray into the Steel City office market. <\/p>\n","protected":false},"author":969,"featured_media":1004163481,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,21742,10,21747,1602],"tags":[32789,33376,33377],"class_list":["post-1004163480","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-latest","category-northeast","category-office","category-pittsburgh","tag-cbre","tag-liberty-center","tag-starwood"],"acf":[],"yoast_head":"\nCBRE Global Purchases Prime Pittsburgh High-Rise - 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\/cbre-global-purchases-prime-pittsburgh-office-tower\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBRE Global Purchases Prime Pittsburgh High-Rise\" \/>\n<meta property=\"og:description\" content=\"Liberty Center, a 529,300-square-foot tower, marks the company\u2019s first foray into the Steel City office market.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/cbre-global-purchases-prime-pittsburgh-office-tower\/\" \/>\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=\"2017-01-09T12:40:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-19T07:58:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/b.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"410\" \/>\n\t<meta property=\"og:image:height\" content=\"308\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\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\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cbre-global-purchases-prime-pittsburgh-office-tower\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/cbre-global-purchases-prime-pittsburgh-office-tower\/\",\"name\":\"CBRE Global Purchases Prime Pittsburgh High-Rise - 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