{"id":1004245034,"date":"2018-07-25T04:42:17","date_gmt":"2018-07-25T12:42:17","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004245034"},"modified":"2022-12-08T08:20:18","modified_gmt":"2022-12-08T16:20:18","slug":"hff-secures-90m-refi-for-pittsburgh-area-campus","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hff-secures-90m-refi-for-pittsburgh-area-campus\/","title":{"rendered":"HFF Secures $90M Refi for Pittsburgh-Area Campus"},"content":{"rendered":"<p>By Gail Kalinoksi<\/p>\n<div id=\"attachment_1004245091\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/Zenith-Ridge-Corporate-Campus.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004245091\" data-attachment-id=\"1004245091\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/hff-secures-90m-refi-for-pittsburgh-area-campus\/zenith-ridge-corporate-campus\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/Zenith-Ridge-Corporate-Campus.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Zenith Ridge Corporate Campus\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Zenith Ridge Corporate Campus&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/Zenith-Ridge-Corporate-Campus.jpg?w=800\" class=\"wp-image-1004245091 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/Zenith-Ridge-Corporate-Campus.jpg\" alt=\"Zenith Ridge Corporate Campus\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/Zenith-Ridge-Corporate-Campus.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/Zenith-Ridge-Corporate-Campus.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/Zenith-Ridge-Corporate-Campus.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004245091\" class=\"wp-caption-text\">Zenith Ridge Corporate Campus<\/p><\/div>\n<p>Working on behalf of&nbsp;Quattro LP\u2014an affiliate of Burns Scalo Real Estate\u2014HFF has arranged a $90 million refinancing for Zenith Ridge Corporate Campus. Starwood Mortgage Capital provided the&nbsp;10-year, fixed-rate loan for the&nbsp;three Class A office buildings totaling 486,000 square feet in the Pittsburgh suburb of Canonsburg, Pa.&nbsp;Quattro is a partnership of Jim Scalo, Jack Scalo, John Verbanac and Charles Zappala.<\/p>\n<p>The property was developed by Burns Scalo Real Estate, which manages and leases space at the campus. The assets are LEED Certified and were completed in 2014 and 2016. The complex comprises Zenith Ridge 1, 2 and 3 located in Southpointe Business Park, a southwestern suburban area of Pittsburgh. BSRE announced plans to construct the first two buildings in February 2012. The firm is a full-service brokerage, management and development organization with over 5 million square feet of office space in the region.<\/p>\n<p>All three buildings were fully leased as of May, when Ansys Inc., an engineering software development company which already has its 186,000-square-foot headquarters at 2600 Ansys Drive in Zenith Ridge, <a href=\"https:\/\/www.commercialsearch.com\/news\/ansys-expands-pittsburgh-hq-space\/\">took an additional 31,000 square feet<\/a> in Building II at 2400 Zenith Ridge Road. Other tenants in the five-story building include Regus, EQT Corp., Wells Fargo, Langan, Alladin Food Management and RBC Wealth Management, according to Yardi Matrix.<\/p>\n<p>The campus has walking trails, outdoor exercise stations, ping pong tables, communal fire pits, and outdoor patios and meeting areas. It is within a short walk of South Pointe Town Center\u2019s residential, retail, restaurant and hospitality offerings. Interstate 79 is nearby and provides easy access to downtown Pittsburgh and Pittsburgh International Airport is located 15 miles away.<\/p>\n<p>The HFF debt placement team was led by Senior Managing Director Mark Popovich.<\/p>\n<h2>Office market moves<\/h2>\n<p>There has been significant activity in Southpointe Business Park in recent months. In February, Mexico-based <a href=\"https:\/\/www.commercialsearch.com\/news\/mexican-investor-enters-pittsburgh-market\/\">The Aztec Fund entered the Pittsburgh area market<\/a> by acquiring a 98,314-square-foot, Class A office building at 501 Technology Drive. HFF\u2019s Popovich and his colleague, Nick Unkovic, represented the seller, Laurus Corp., in the $20.5 million transaction.<\/p>\n<p>The Ansys deal at Zenith Ridge was cited as one of the key lease transactions for the second quarter by Cushman &amp; Wakefield in a recent Pittsburgh office market report. The Ansys lease, which came in at third among the top four lease transactions, was for new space while the second lease listed in the report was a renewal of 34,911 square feet by Columbia Gas of Pennsylvania at 121 Champion Way, also in Southpointe.<\/p>\n<p>The Pittsburgh office market had an overall vacancy rate of 11 percent, while Washington County, where Southpointe is located, had an overall vacancy rate of 9.4 percent in the second quarter, according to the Cushman &amp; Wakefield report. Of the 856,278 square feet of office space under construction in the market, Washington County accounted for 27,000 square feet. Overall average asking rent for Class A properties like those at Southpointe in Washington County were at $23.61 per square foot, well below the $30.72 per square foot overall average asking rent in Pittsburgh\u2019s central business district.<\/p>\n<p><em>Image courtesy of HFF<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The office complex comprises three LEED-certified buildings totaling more than 450,000 square feet. Starwood Mortgage Capital provided the\u00a010-year, fixed-rate loan.<\/p>\n","protected":false},"author":1068,"featured_media":1004245091,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,21742,10,21747,1602],"tags":[32792,32779,39077,33377],"class_list":["post-1004245034","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-latest","category-northeast","category-office","category-pittsburgh","tag-hff","tag-leed","tag-mark-popovich","tag-starwood"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>HFF Secures $90M Refi for Pittsburgh-Area Campus - 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\/hff-secures-90m-refi-for-pittsburgh-area-campus\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"HFF Secures $90M Refi for Pittsburgh-Area Campus\" \/>\n<meta property=\"og:description\" content=\"The office complex comprises three LEED-certified buildings totaling more than 450,000 square feet. Starwood Mortgage Capital provided the\u00a010-year, fixed-rate loan.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/hff-secures-90m-refi-for-pittsburgh-area-campus\/\" \/>\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=\"2018-07-25T12:42:17+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T16:20:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/Zenith-Ridge-Corporate-Campus.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\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\/hff-secures-90m-refi-for-pittsburgh-area-campus\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/hff-secures-90m-refi-for-pittsburgh-area-campus\/\",\"name\":\"HFF Secures $90M Refi for Pittsburgh-Area Campus - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/hff-secures-90m-refi-for-pittsburgh-area-campus\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/hff-secures-90m-refi-for-pittsburgh-area-campus\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/Zenith-Ridge-Corporate-Campus.jpg\",\"datePublished\":\"2018-07-25T12:42:17+00:00\",\"dateModified\":\"2022-12-08T16:20:18+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/fc5b5df1393e5023d2417bd48c2fda57\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/hff-secures-90m-refi-for-pittsburgh-area-campus\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/hff-secures-90m-refi-for-pittsburgh-area-campus\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/hff-secures-90m-refi-for-pittsburgh-area-campus\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/Zenith-Ridge-Corporate-Campus.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/Zenith-Ridge-Corporate-Campus.jpg\",\"width\":800,\"height\":620,\"caption\":\"Zenith Ridge Corporate Campus\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/hff-secures-90m-refi-for-pittsburgh-area-campus\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"HFF Secures $90M Refi for Pittsburgh-Area Campus\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/fc5b5df1393e5023d2417bd48c2fda57\",\"name\":\"Gail Kalinoski\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Gail-Kalinoski-headshot.jpeg?w=86\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Gail-Kalinoski-headshot.jpeg?w=86\",\"caption\":\"Gail Kalinoski\"},\"description\":\"Kalinoski has been a contributing writer to Commercial Property Executive and Multi-Housing News since 2010 and previously wrote for three years for Commercial Property News. 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