Shorenstein Properties LLC, has acquired One Oxford Centre, a 45-story office and retail mixed-use complex and 840-stall parking garage at 301 Grant Street in the heart of downtown Pittsburgh. It is the firm’s first acquisition in the western Pennsylvania city.
Built in 1983, One Oxford includes 879, 000 square feet of Class A office space above 59, 000 square feet of retail and is the third tallest building in the city. The building also features the Rivers Club, a 73, 000 square foot fitness, dining and social club. The building is currently 81 percent leased with major tenants including the law firms of Buchan Ingersoll & Rooney and Clark Hill PLC.
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Shorenstein plans to implement a comprehensive capital improvement program to address mechanical and building systems upgrades and improve the lobby and common areas such as corridors and restrooms, to solidify the building’s position among the top tier of corporate addresses in downtown Pittsburgh.
While no terms were revealed, the firm is believed to have paid about $149 million for the real estate, according to Pittsburgh Post-Gazette
This acquisition was made on behalf of Shorenstein Realty Investors Eleven, a $1.22 billion commingled fund formed in 2014.
Shorenstein holds 24.8 million square feet of real estate nationwide, with properties in San Francisco, Los Angeles, New York, Boston, Chicago, Philadelphia, Denver, Houston and other cities.
Starting in 1992, Shorenstein has sponsored eleven closed-end investment funds with total equity commitments of $7.9 billion, of which Shorenstein committed $648.5 million, according to company’s website. These funds have invested in properties totaling 61.7 million square feet in transactions with a gross investment value in excess of $14.5 billion.
The company was founded by Walter Shorenstein, an adviser to Presidents Lyndon B. Johnson, Jimmy Carter, and Bill Clinton who died in 2010.
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