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REO Sale | Pittsburgh Office Portfolio 3 Office Properties Online Auction Sale Pittsburgh, PA
Investment Highlights
- Class B office portfolio in a premier location within Pittsburgh's established Parkway West submarket, offering unparalleled connectivity.
- Rare opportunity to acquire an office asset with a reset basis in a market where there have been limited sales.
- Surface lots surround each building along with a parking garage, providing abundant on-site parking that exceeds typical suburban office standards.
- Parkway Center benefits from direct access to Interstate 376, serving as a primary east-west artery between Downtown Pittsburgh and beyond.
- This advantageous position enables a new owner to offer more competitive lease terms and signage opportunities over its peer group.
- Upon acquisition, a buyer will have the opportunity to appeal the assessment and significantly reduce the real estate tax expense.
Executive Summary
Jones Lang LaSalle Americas, Inc. ("JLL") is pleased to present this opportunity to purchase the fee simple interest in Buildings 2, 6, and 7 of Parkway Center (the "Properties" or “Portfolio”), a 351,000 square foot, class “B”, office portfolio located in Pittsburgh's established Parkway West submarket. The Portfolio is currently 28% occupied with a 5.3-year WALT and presents a compelling opportunity for investors seeking to capitalize on a below-market basis with repositioning upside.
The Portfolio’s strategic location, approximately 3 miles from Downtown Pittsburgh and 20 minutes from Pittsburgh International Airport, combined with direct access to Interstate 376 via a dedicated exit, positions it as an exceptionally accessible office destination in one of the region's most connected submarkets. The Portfolio benefits from abundant on-site parking and quality infrastructure that provides a strong foundation for repositioning and lease-up initiatives.
This offering represents a unique opportunity to acquire well-located office assets at a significantly discounted basis, enabling a new owner to offer more competitive lease terms and signage opportunities than peer properties in the submarket. With 253,000 square feet of available space spanning multiple contiguous areas, the Property offers substantial upside potential for investors with the vision and capital to execute a strategic repositioning plan. The reset basis provides meaningful flexibility to attract new tenants, improve retention, and drive occupancy growth in a market with limited recent transaction activity.
Property tours are available by appointment only. Please contact the listing broker to schedule.
The Portfolio’s strategic location, approximately 3 miles from Downtown Pittsburgh and 20 minutes from Pittsburgh International Airport, combined with direct access to Interstate 376 via a dedicated exit, positions it as an exceptionally accessible office destination in one of the region's most connected submarkets. The Portfolio benefits from abundant on-site parking and quality infrastructure that provides a strong foundation for repositioning and lease-up initiatives.
This offering represents a unique opportunity to acquire well-located office assets at a significantly discounted basis, enabling a new owner to offer more competitive lease terms and signage opportunities than peer properties in the submarket. With 253,000 square feet of available space spanning multiple contiguous areas, the Property offers substantial upside potential for investors with the vision and capital to execute a strategic repositioning plan. The reset basis provides meaningful flexibility to attract new tenants, improve retention, and drive occupancy growth in a market with limited recent transaction activity.
Property tours are available by appointment only. Please contact the listing broker to schedule.
Offering Memorandum Click Here to Access
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
- Purchase Agreement
- Title and Insurance
Market Analytics Click Here to Access
Property Facts
| Sale Condition | Auction Sale | Number of Properties | 3 |
| Type of Ownership | Fee Simple | Total Building Size | 350,786 SF |
| Sale Type | Investment | Total Land Area | 9.68 AC |
| Status | Active |
| Sale Condition | Auction Sale |
| Type of Ownership | Fee Simple |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 3 |
| Total Building Size | 350,786 SF |
| Total Land Area | 9.68 AC |
Properties
| Property Name / Address | Property Type | Size | Year Built |
|---|---|---|---|
|
Building Seven - The Tower at Parkway Center
875 Greentree Rd, Pittsburgh, PA 15220 |
Office | 284,119 SF | 1960 |
|
Building Two
875 Greentree Rd, Pittsburgh, PA 15220 |
Office | 42,657 SF | 1960 |
|
Building Six
875 Greentree Rd, Pittsburgh, PA 15220 |
Office | 24,010 SF | 1975 |
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Sale Advisors
Sale Advisors
Mark Popovich, Senior Managing Director
Mr. Popovich is Senior Managing Director in the Pittsburgh office of JLL with more than 25 years of experience in commercial real estate finance. In addition to overseeing the day-to-day operations of the firm’s Pittsburgh office, he is primarily responsible for originating debt and equity placement transactions throughout the northeast United States. During his career with JLL, Mr. Popovich has completed more than $7 billion in commercial real estate transactions. In addition to Mr. Popovich’s capital markets experience, he has also been engaged to perform several high-profile consulting assignments ranging from tenant representation services for certain Fortune 500 corporations to providing development counseling assistance to the Sports & Exhibition Authority of Allegheny County, the Urban Redevelopment Authority of Pittsburgh, Highmark, Robert Morris University, the Pittsburgh Penguins, Steelers, and Pirates. Mr. Popovich has also been deemed qualified to provide expert witness testimony for certain commercial real estate matters in the Federal Bankruptcy Court as well as the Court of Common Pleas in Pennsylvania.
Nick Unkovic, Senior Managing Director, Capital Markets
Nick is a Director in the Pittsburgh office of JLL Capital Markets, Americas. He joined JLL as part of the HFF acquisition and has more than nine years of experience in commercial real estate finance. Nick is primarily responsible for originating debt and investment advisory transactions throughout Pittsburgh and the northeast United States.
Nick started with HFF in 2014. During his career with HFF and JLL, Nick has completed more than $2.5 billion in commercial real estate transactions.
Nick started with HFF in 2014. During his career with HFF and JLL, Nick has completed more than $2.5 billion in commercial real estate transactions.
About the Auction Technology
Auctions by Ten-X are the #1 transaction technology powering commercial real estate transactions online. With over $34B in total transactions, these auctions use best-in-class technology and real-time asset intelligence to put listings in the best position to find the perfect buyer. The expedited auction timeline, comprehensive due diligence, and buyer qualification make transactions twice as fast and twice as certain for brokers, owners, and investors.
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Auction Contact
Victoria Quade
Contact
Auctioneer License:
Ten-X Arlene Richardson RE Broker RB068364. Ten-X Commercial Auction Firm AY002443, Auctioneer Arlene Richardson AU006275
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Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
3% Transaction Fee
Based on Winning Bid Amount
Minimum Transaction Fee
$20,000
Maximum Transaction Fee
$300,000
Example Calculation
Winning Bid Amount
$5,000,000
Transaction Fee
$150,000 (3%)
Total Purchase Price
$5,150,000
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