Pittsburgh office market attracts institutional investment
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 were not disclosed. According to local media outlets, however, 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.
Liberty Center is already among the top class A office buildings in the Pittsburgh CBD. Trophy properties in downtown Pittsburgh have attracted much investor interest. Other recent investors in the Pittsburgh office market include Shorenstein Properties, which acquired One Oxford Center from Oxford Development Co. for approximately $149 million, and Pearson Partners, which acquired 525 William Penn Place for $67.64 million.
“We are looking for markets that are next to recover. And Pittsburgh showed up on our radar screen.