Keystone Property Group Wins NAIOP-Pittsburgh ‘Best Rehab’ Award for Keystone Summit Corp. Park
Strategic Renovations Attracted Marquis Tenants to Bring Property Up to 100-Percent Leased
Keystone Property Group, a leading real estate developer, manager and investor of office and industrial properties, today announced that the Pittsburgh chapter of NAIOP recently presented the company with the “Best Rehab” award for Keystone Summit Corporate Park during its 19th Annual Banquet.
“We are proud that NAIOP-Pittsburgh has recognized Keystone for the repositioning of Keystone Summit Corporate Park,” said Rich Gottlieb, Senior Vice President of Keystone Property Group. “It is due to the concerted efforts of our expert team that this modernized property is now fully leased with a roster of top-tier tenants.”
Keystone purchased Keystone Summit Corporate Park in a sale-leaseback transaction with Ericsson Incorporated in September of 2008. The five-building, 554,474-square-foot, 101-acre campus was originally developed as a single-tenant property in 1996, and subsequently used as a multi-tenant site.
When Ericsson announced its withdrawal from the Pittsburgh market and its intention to vacate its space at the property within a month after closing the sale, Keystone seized upon the opportunity to strategically improve the campus through a host of enhancements that created an environment better suited for multi-tenant use and established a clear-cut professional identity for the property. The upgrades, which totaled approximately $2 million, attracted an additional diverse mix of marquis tenants who have since signed long-term leases at the park, including Federated Investors, EXCO Resources, and Westinghouse Electric Company.
Keystone now plans to expand the campus by adding two new buildings totaling 300,000 square feet. Construction on the first 150,000-square-foot building is expected to be underway later this year.
NAIOP Pittsburgh is the regional association of developers, owners, investors and professionals of commercial real estate. NAIOP is the leading industry resource to foster business relationships, promote responsible development and support growth of the region through education, leadership and advocacy.
About Keystone Property Group
Keystone Property Group is a leading real estate investor and developer, with offices located in Bala Cynwyd, Pa.; Chicago, Ill.; Miami, Fla.; and New York, NY. Keystone also sponsors and manages a series of opportunistic real estate investment funds. Keystone creates value for its investors through development, redevelopment, financing, leasing, property management and asset management. The company has been recognized by Inc. 500 magazine, the Entrepreneurs’ Forum and the Wharton Small Business Center, and several of its projects have earned “Best Real Estate Awards” from the Philadelphia Business Journal and BOMA (Chicago). For more information, please visit www.keystonepropertygroup.com.