Occupancy at Parkway Center hits 10-Year High
Pittsburgh – With the addition of four new tenants and the renewal of one of the Park’s largest office users, Parkway Center Corporate Office Park’s occupancy rate has reached its highest point in 10 years.
Among the most recent companies to call Parkway Center Corporate Office Park home is H2R CPA, formerly Horovitz, Rudoy and Roteman, LLC, who will reverse trend by moving its 58 employees from the Koppers Building in the Central Business District to 12,500 square feet at Building Seven later this year. Joining H2R are Konica Minolta, who will relocate to 12,600 square feet from Foster Plaza VII, and Opus Business Consulting, who will set up shop on the first floor. In addition, long-term tenant, McKesson, has extended its occupancy of more than 50,000 square feet on the third and fourth floors of Building 7.
Additionally, the County of Allegheny has entered a long-term lease to occupy all of Building 10. The nearly 40,000-square-foot building will house the County’s Police Administrative Offices.
Leasing activity at the Park has exceeded 300,000 square feet since 2015 when Market Street Real Estate Partners and JDI Realty purchased the distressed complex, sending the overall occupancy rate to 86%, its highest occupancy since 2008, and according to CoStar Analytics, slightly above the overall vacancy for the total Parkway West submarket year-to-date.
Jesse Ainsman and Sam McGill, members of the Cushman & Wakefield Grant Street Associates leasing team for Parkway Center, cite the complex’s proximity to downtown, abundant free parking, the numerous enhancements building ownership has made to the properties, and strategic marketing efforts as the reasons for the uptick in leasing activity.
“Corner Market & Ale opened to rave reviews from the tenants and surrounding community,” Ainsman remarked, “and the new Parkway Fitness Center just celebrated its one-year anniversary. The park is now far more appealing to a wide array of Tenants. ”
Featuring Nakama Express, Smallman Street Deli, Artisan Pizza, and a full-service bar, Corner Market & Ale is located in on the lobby level of Building Seven and caters to both lunch and after-hours crowds.