Warner Centre 332 Fifth Ave 122,928 SF 70% Leased Office Building Pittsburgh, PA 15222 For Sale



INVESTMENT HIGHLIGHTS
- New ownership has the opportunity to immediately leverage value add initiatives that will enhance market competitiveness and potentially increase NOI
- Historically consistent revenue provides investors financeable cash flow while the property undergoes repositioning
- Investors and potential owner occupiers can purchase an asset below replacement cost allowing for competitive rental rates and higher ROI potential
- 18% of current gross rents are below market value presenting the opportunity to renegotiate to reflect market value and potentially higher income.
- Downtown Pittsburgh is the 2nd largest employment center in Pennsylvania and 7 out of 10 region’s largest employers are located within the CBD
EXECUTIVE SUMMARY
Cushman & Wakefield has been retained as the exclusive listing broker to arrange the sale and leasing of the Warner Centre.
Built in 1918 as a major theater and concert hall, the historic Warner Centre presents the opportunity to acquire and reposition a major business hub in the heart of Downtown Pittsburgh, a vital part of Pittsburgh’s economy and primary location for many major corporations and financial institutions. Downtown Pittsburgh is also home to Pittsburgh’s Cultural District, featuring theaters, concert venues, restaurants and galleries.
The property is a mixed-use building featuring 6-stories of office space, interior retail, and street level retail. 13,500 SF can potentially be subdivided and sold as an independent building. A significant standout feature is a 6-story glass atrium, flooding the main common areas with natural light. Tenants benefit from nearby amenities including restaurants, shopping, parking, and public transportation.
The 122,928 SF mixed-use building offers significant upside for new ownership to fill vacancies and increase income potential. Current tenancy provides immediate cash flow and a steady revenue stream. Recent investments include elevator equipment upgrades, façade improvements, and fully renovated tenant spaces. The Warner Centre’s location and potential growth presents owner occupiers and investors the opportunity to purchase an attractive asset below replacement cost.
Built in 1918 as a major theater and concert hall, the historic Warner Centre presents the opportunity to acquire and reposition a major business hub in the heart of Downtown Pittsburgh, a vital part of Pittsburgh’s economy and primary location for many major corporations and financial institutions. Downtown Pittsburgh is also home to Pittsburgh’s Cultural District, featuring theaters, concert venues, restaurants and galleries.
The property is a mixed-use building featuring 6-stories of office space, interior retail, and street level retail. 13,500 SF can potentially be subdivided and sold as an independent building. A significant standout feature is a 6-story glass atrium, flooding the main common areas with natural light. Tenants benefit from nearby amenities including restaurants, shopping, parking, and public transportation.
The 122,928 SF mixed-use building offers significant upside for new ownership to fill vacancies and increase income potential. Current tenancy provides immediate cash flow and a steady revenue stream. Recent investments include elevator equipment upgrades, façade improvements, and fully renovated tenant spaces. The Warner Centre’s location and potential growth presents owner occupiers and investors the opportunity to purchase an attractive asset below replacement cost.
DATA ROOM Click Here to Access
- Offering Memorandum
FINANCIAL SUMMARY (PRO FORMA - 2025) Click Here to Access |
ANNUAL | ANNUAL PER SF |
---|---|---|
Gross Rental Income |
$99,999
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$9.99
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Other Income |
$99,999
![]() |
$9.99
![]() |
Vacancy Loss |
$99,999
![]() |
$9.99
![]() |
Effective Gross Income |
$99,999
![]() |
$9.99
![]() |
Taxes |
$99,999
![]() |
$9.99
![]() |
Operating Expenses |
$99,999
![]() |
$9.99
![]() |
Total Expenses |
$99,999
![]() |
$9.99
![]() |
Net Operating Income |
$99,999
![]() |
$9.99
![]() |
PROPERTY FACTS
Sale Type
Investment or Owner User
Property Type
Building Size
122,928 SF
Building Class
B
Year Built/Renovated
1918/1984
Percent Leased
70%
Tenancy
Multiple
Building Height
6 Stories
Typical Floor Size
20,488 SF
Slab To Slab
11’
Building FAR
4.70
Lot Size
0.60 AC
Zoning
GT-A - GOLDEN TRIANGLE DISTRICT A
AMENITIES
- Bus Line
- Food Court
1 of 1
Walk Score®
Walker's Paradise (99)
Transit Score®
Rider's Paradise (96)
Bike Score®
Very Bikeable (82)
PROPERTY TAXES
Parcel Number | 0001-H-00264-0000-00 | Total Assessment | $4,900,000 (2024) |
Land Assessment | $1,498,000 (2024) | Annual Taxes | ($1) ($0.00/SF) |
Improvements Assessment | $3,402,000 (2024) | Tax Year | 2025 |