PITTSBURGH, PA –HFF announced today that it has been named to market for sale Penn Avenue Place (top left photo), a 557,559-square-foot, Class A office property in Pittsburgh’s central business district.
HFF will market the property exclusively on behalf of the seller, Penn Avenue Place Associates, an affiliate of Oxford Development Company, a privately-owned real estate services firm headquartered in downtown Pittsburgh.
Originally built in 1907, Penn Avenue Place was renovated in 1997 and features 419,479 square feet of office space, 55,531 square feet of retail and 82,549 square feet of storage space.
The property is 99.6 percent occupied by tenants including Highmark, Civic Light Opera, Rite Aid and Max & Erma’s. Located at 501 Penn Avenue, the property is situated at the confluence of Pittsburgh’s financial, retail, cultural, greenbelt and residential districts.
The main station of Pittsburgh’s light rail transit system, which is currently under construction, will be located in front of Penn Avenue Place and will provide service to Pittsburgh’s central business district, North Shore and South Hills suburbs.
The HFF investment sales team representing the seller is led by executive managing director John Pelusi (middle right photo) and senior managing directors Jaime Fink (lower left photo), Jeff Bramson and Mark Popovich.
Contacts:
John H. Pelusi Jr., HFF Executive Managing Director, (412) 281 8714
Jaime M. Fink, HFF Senior Managing Director, (312) 528-3650
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500
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