Press Release brought to you by HFF

HFF closes sale of and arranges financing for One Oxford Centre in downtown Pittsburgh, Pennsylvania

01/25/2016

PITTSBURGH, PA  – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of and arranged acquisition financing for One Oxford Centre, a one million-square-foot, Class A, trophy office tower in downtown Pittsburgh, Pennsylvania. 

HFF marketed the property on behalf of the seller, Oxford Development Company.  Shorenstein Properties LLC (Shorenstein) purchased the asset.  Additionally, HFF worked on behalf of the new owner to place the acquisition loan with Helaba and CIBC.

Located at 301 Grant Street, the 45-story One Oxford Centre was developed by the seller and consists of 884,403 square feet of office space; a five-level atrium with 58,278 square feet of restaurants, shops and commercial office space; the Rivers Club, a fitness, dining and social club and a separate, eight-story parking garage with 840 parking spaces.  Sixty-six percent of tenants have headquarters in One Oxford Centre, including Buchanan Ingersoll & Rooney; TriState Capital Holdings, Inc., BPU Investment Management and HFF. 

The HFF investment sales team was led by executive managing director John H. Pelusi, Jr. and senior managing director Mark Popovich.  The HFF debt placement team also was led by Pelusi and Popovich along with executive managing director Mike Tepedino.

“HFF has been involved with the capitalization of One Oxford Centre since its construction in 1983,” Pelusi said.  “It is only fitting that Shorenstein, a nationally renowned and prolific office owner with 25 million square feet under ownership, is acquiring this landmark, Class A office building, which was the vision of Ed Lewis of Oxford Development Company.”

About Oxford Development Company
For 50 years, Oxford Development Company (Oxford) has stood at the forefront of the marketplace as a developer and full service commercial real estate provider with experience in the local, regional and national marketplace.  Oxford has managed the development of more than 40 million square feet of property in the commercial office, retail, hospitality, healthcare, education and sports and entertainment asset classes.  Its history consists of some of the nation’s most innovative real estate development projects that, years later, still impact trends in real estate development.  The Oxford approach offers clients a complete service delivery system to accomplish all of their real estate objectives.  Oxford service divisions consist of property management, development, project management, brokerage and leasing, energy management and investment advisory.  The value Oxford offers to clients is the unique ability to customize services to match the goals of the property owner or project developer.  The Oxford portfolio in the specialty asset classes of healthcare, sports and entertainment projects alone consists of $1.2 billion in development management and construction.  All told, the company has provided project management services for clients on projects totaling over $9 billion.  For more information, visit www.oxforddevelopment.com.

About Shorenstein Properties LLC
Founded in 1924, Shorenstein Properties LLC (Shorenstein) is a privately-owned, real estate firm active nationally in the ownership and management of high-quality office properties, with offices in San Francisco and New York.  Starting in 1992, Shorenstein has sponsored 11 closed-end investment funds with total equity commitments of $7.9 billion, of which Shorenstein committed $648.5 million.  Shorenstein uses its integrated investment and operating capabilities to take advantage of those opportunities which, at the particular time in the investment cycle, offer the most attractive risk-adjusted returns.  Investments have included ground-up developments, asset repositioning and stabilized assets; investment structures have included asset acquisitions, mezzanine loans, preferred equity investments and structured joint ventures.  These funds have invested in properties totaling 60.6 million square feet in transactions with a gross investment value in excess of $14.3 billion.  Visit www.shorenstein.com for more information.

About HFF
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF).  HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing.  For more information please visit hfflp.com or follow HFF on Twitter @HFF.

Source

HFF

Want more news about HFF? Click here