CBRE Global Investors fund enters Pittsburgh office market
A fund advised by CBRE Global Investors has acquired Liberty Center, a 27-story, 529,289 square-foot class A office building located in the Pittsburgh CBD.
The sales price and seller was not disclosed; however, according to local media outlets, Starwood Capital Group placed the property on the market in May 2016. The firm had acquired the property on behalf of the Starwood Distressed Opportunity Fund IX for $135 million in 2013. The seller at the time was a partnership that included Forest City Enterprises and Jos. L. Muscarelle.
The property’s location offers tenants immediate access to major thoroughfares, the Cultural District, David L. Lawrence Convention Center, the Strip District and the Pittsburgh Amtrak Station. The downtown area recently has seen a migration toward the Strip District because of the arrival of well-known technology companies and the emergence of new restaurants, bars and apartment communities, and Liberty Center is positioned to