Little Rock real estate investment firm Tempus Realty Partners announced the acquisition of an office and retail property in Pittsburgh, Pennsylvania, for $43.75 million.
The 125,000-SF property in the city’s Strip District — an area outside downtown Pittsburgh known for its local markets, food scene and entertainment — was originally built as a warehouse. It was redeveloped with features including energy-efficient windows and high ceilings while preserving its historic character, Tempus said in a news release.
The seller was McCaffery Inc. of Chicago, Illinois.
The property includes 94,580 SF of office space and 31,405 SF of retail space. It is fully leased to Aurora Innovation, an autonomous vehicle technology company. The building also houses three retail tenants: Balverna, an Argentine-style brasserie; Orr’s Jewelers, a premier fine jewelry retailer; and Design Within Reach, a modern furnishings brand.
Tempus said the property exemplifies growing demand for high-quality office environments and reinforces the company’s commitment to investing in assets positioned for long-term performance.
“With office valuations currently below even the lows of the Great Financial Crisis, we see a compelling window for strategic investment,” Tempus CEO Dan Andrews said in the release. “As more companies return to in-person work and prioritize high-quality environments for their teams, demand for top-tier office space is clearly on the rise.”
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