January 6, 2017
A fund advised by CBRE Global Investors acquired Liberty Center, a 27-story, 529,289-square-foot, Class A office building in Pittsburgh, PA’s central business district from Starwood Capital Group. The price was undisclosed. Allegheny County assesses the asset at $63 million.
Starwood acquired the 30-year-old office high-rise at 1001 Liberty Ave. (at Liberty Avenue and Grant Street) from developer Forest City Enterprises in 2013 for $133 million. The deal included the adjacent 616-key Westin Convention Center Hotel, which was not a part of the current CBRE acquisition.
“Institutional demand for Pittsburgh offices has increased significantly,” said CBRE Global Investors Americas’ Vance Maddocks, adding that Pittsburgh’s CBD submarket has one of the lowest vacancy rates in the United States.
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