H.W. Oliver Building

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Landlord representation services on behalf of McKnight Realty Partners.

468,000 SF
The Henry W. Oliver Building celebrated its 100th birthday  in 2010 and has been a staple in the Pittsburgh Central Business District from the height of the steel industry through its two renaissances. The building offers onsite dining and banking and it is surrounded by ample garage parking and various retail establishments. The building overlooks Mellon Square Park, which currently is undergoing a significant renovation to its promenade, fountains and seating areas.

In early 2011, the Oliver Building suffered a substantial blow when its anchor tenant, K&L Gates  LLP, vacated nearly 200,000 square feet of office and conference space in the building. Grant Street Associates worked with our client , McKnight Realty Partners, to move forward with the purchase of the distressed building, advising them on the agreement to add an Embassy Suites hotel to the upper floors. The leasing team was then assigned the task to secure tenants for the remaining space in the building.

SOLUTIONS

  • Initiated property tours and a broker reception to reintroduce the property to the market
  • Developed new branding/marketing materials for the property in collaboration with ownership
  • Targeted professional service and emerging technology firms for possible occupancy
  • Negotiated tenant build-out and renovation packages that were a “win-win” for both sides of the transaction

RESULTS

  • The building is now at 92.8% occupancy
  • Asking rental rates have risen steadily over the past 24 months
  • The leasing team led by Tim Goetz has established a stable tenant base with five- to 10-year lease terms and staggered expirations
  • Created new buzz for the building and are actively marketing the first floor retail space
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