Four-Building SouthSide Works Project Unveiled

A map of Pittsburgh, Pennsylvania with its nei...

A map of Pittsburgh, Pennsylvania with its neighborhoods labeled. For use primarily in the list of Pittsburgh neighborhoods. (Photo credit: Wikipedia)

Since arriving in Pittsburgh three years ago, Raleigh, N.C.-based Highwoods Properties has acquired iconic PPG Place and EQT Plaza, Downtown. Now it’s moving across the river — to build, not to buy.

The real estate investment trust has reached an agreement with the Soffer Organization to erect four office buildings at the 34-acre SouthSide Works complex on the last four parcels left for development.

Highwoods plans to start with a 158,000-square-foot glass office building on the Monongahela riverfront next to Hofbrauhaus restaurant. The six-story building would feature 30,000-square-foot floor plates, terraces, an 8,000-square-foot restaurant, locker rooms, bike storage, a 72-space parking garage, and direct access to the waterfront park, trails and marina. Other buildings would follow based on demand — about 400,000 square feet of office and retail space in all.

Read more: http://www.post-gazette.com/business/2014/10/10/4-building-SouthSide-Works-project-unveiled/stories/201410100105

Outside Investors Purchasing More Downtown Pittsburgh Sites

English: The U.S. Steel Tower, located in Pitt...

English: The U.S. Steel Tower, located in Pittsburgh, Pennsylvania, USA, with the new corporate logo of the University of Pittsburgh Medical Center. (Photo credit: Wikipedia)

In one sense, Pittsburgh’s resurgence can be measured by its Downtown skyline — not so much by the names atop its skyscrapers but by those on the property deeds to them.

More and more, out-of-town investors are gobbling up prominent real estate Downtown, drawn by a host of factors, from high occupancy rates to the diversity of the local economy.

In fact, a Pittsburgh Post-Gazette review of high-profile building sales Downtown and on the North Shore since 2011 found that 10 of 13 have gone to out-of-town buyers, including such landmarks as the U.S. Steel Tower and the PPG Place complex.

Another three properties currently under agreement to be sold, including Liberty Center and the accompanying Westin Convention Center Hotel, also are being purchased by outside investors.

Read more: http://www.post-gazette.com/stories/business/news/outside-investors-purchasing-more-downtown-pittsburgh-sites-692796/#ixzz2X4r4GKrA