Oxford Development Company has sold One Oxford Centre, a one million-square-foot, Class A, trophy office tower in downtown Pittsburgh, to Shorenstein Properties.
HFF marketed the property and worked on behalf of the new owner to place the acquisition loan with Helaba and CIBC. While no terms were revealed, the firm is believed to have paid about $149 million.
Located at 301 Grant Street, the 45-story One Oxford Centre was developed by Oxford Development 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.
“HFF has been involved with the capitalization of One Oxford Centre since its construction in 1983,” HFF executive managing director John H. Pelusi, Jr. 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.”
Photo courtesy of Oxford Development