CBRE Global Investors has bought an office asset in Pittsburgh.
A fund advised by the manager has acquired the Liberty Center, a 529,289 sqft class-A office building in the central business district of Pittsburgh, Pennsylvania.
Vance Maddocks, CIO at CBRE Global Investors Americas, said: “Institutional demand for Pittsburgh office has increased significantly. The metro has particularly strong educational and cultural institutions, which has allowed for a more diversified economy.”
Pittsburgh central business district’s office market has one of the lowest vacancy rates in the US.
The property is close to major thoroughfares and the city’s cultural district, as well as the David L Lawrence Convention Center, the Strip District and the Pittsburgh Amtrak station.
CBRE GI said Pittsburgh’s downtown area had recently seen a migration toward the Strip District due to the arrival of technology companies and the emergence of new restaurants, bars and apartment communities.
The manager said it planned to enhance the property through a service and amenity programme and environmental certification.