610 WOOD STREET Pittsburgh, PA John Eliopoulos jeliopoulos@burnsscalo.com
43,000 SF 6 Story Office/Residential Conversion For Sale Long-Term InvestmentGrade Leases, Value Add Opportunity, Premier CBD location, Steel City PA
412.250.3000 | burnsscalo.com
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TABLE OF CONTENTS Market Overview Investment Summary Nearby Destinations Property Highlights Leases In Place Asset Overview Internal Photos
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MARKET OVERVIEW Market Info
The Pittsburgh MSA has a population of 2.3 million, making it the 27th largest metro area in the US and the 2nd largest city in Pennsylvania. Once viewed as an industrial giant in the production of steel, iron, aluminum and glass, the city has completed a major renaissance to become the country ’s “Most Liveable City” (Places Rated Almanac) and is now considered one of the most attractive cities in which to live and do business.
Many Fortune 1000 companies are now focusing on Pittsburgh; it is the nation’s center for nuclear engineering and has a balanced and diversified economy that centers itself on technology, worldrenowned healthcare and top universities. There has been a resurgence of some of the city’s major industrial corporations as well as growth of many small and midsized companies. Pittsburgh is organized around five major existing industries - environmental, technology, life scences, advanced materials and advanced manufacturing - along with several emerging industries such as cybersecurity, data storage, energy, entertainment technology, nanotechnology, robotics and supercomputing. The post-Covid economic health of downtown continues its positive trajectory as major companies begin to recall their employees back to their offices. An encouraging sign in achieving the typical downtown daytime population swell of more than 110,000 each workday.
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INVESTMENT SUMMARY Offering Rentable Area Floors Site Area Parcel ID Zoning
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$4.5 M 43,200 SF 6 .32 AC 0002-A-00016 GT
NEARBY DESTINATIONS
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PROPERTY HIGHLIGHTS Renovations Over $500,000 has been invested into the first-floor space and front facade to the building (both tenant and LL work). Renovations include new HVAC, electrical service, and full build out of the first floor tenant space. New storefront windows and entry canopies we also installed. The boiler system had major service and maintenance completed in 2020 and 2021. New self-leveled Schoanox subflooring was installed on the 1, 5 & 6th floors. The 5th floor’s old offices have been removed, and the 6th floor has undergone minor cleanup and repair.
Location Prime Downtown Pittsburgh location in the Historic Cultural District, this is an attractive 6 story 3 bay brick and stone office building with an eclectic but simplistic facade. Built at the turn of the 20th century, updated with modern mechanicals and new windows throughout. Passenger and freight elevators extend to all floors including a full basement area. Separate HVAC for each floor. Building has basement that can be used for storage areas. Public parking is available across from Wood Street Light Rail Station and adjacent to the Duquesne Club. Building is zoned GT (Golden Triangle) Zoning District. With the passenger elevator, cab size is W6’7”x 4’-2500# capacity (updated with new motor & levelers). With the freight elevator, cab size is W6’x 6’- 2000# capacity.
Repositioning opportunity for upper floor including potentially conversion for multi-family� Potential for tax credits & grants Strong building signage and branding opportunity Rear loading dock and freight elevator Upper floors available as back office if needed Possible subdivision Lower level can be used as storage or retail Directly across the street from the Wood Street T-Station (Pittsburgh' s Light Rail System)
Adjacent to the Duquesne Club and major office towers
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LEASES IN PLACE DGX 10 year lease + 2x 5 yr options – opened 6/2021 Guaranteed by Dollar General Corporation (Parent Co) $132,648 annual rent ($24 SF) Over $500k invested in the first floor invested in floor space, electrical, HVAC, new storefront, and retail entrance NN Lease – tenant maintains their entire premise and pays all costs except RE Taxes
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Verizon Approximately $33,000 a year Lease in place since 1995 Beginning August 1, 2019, the lease automatically extended for two additional 4-year terms through July 31, 2027. Verizon invested several thousand dollars last year upgrading their towers, as well as, making significant invesment to the roof, and generator in the basement
ATM Tenant (corporate-backed and publicly traded) Currently in lease negotiations – $20,000/yr paid monthly, 5 yr term with 3 to 5 year extension NN Lease – tenant maintains their entire premise and pays all costs except RE Taxes
Upper Floors Floors 2, 3, 4 are vacant office, currently leasable Floors 5 & 6 vacant Fl 5 old partitions were demo’d early 2020, 6th Floor mostly open, but floors have new self leveled subfloors early 2020 Potential upper floor apartment conversion opportunity. Estimated 5-7 units/fl, $120$130k/unit assuming basic market rate, plus minimal common area improvements, new elevator veneer (system in good condition only needs cosmetic face-lift), Incredible full basement IDEAL for conversion to into gym/rec room.
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ASSET OVERVIEW Lot Line
Floorplans (continued on next pages)
PARTIAL EXISTING STAIR TO FIRST FLOOR. (CUT OFF AT FLOOR)
5150 SF +/-
BASEMENT SPACE
STAIR
B
BASEMENT FLOOR PLAN Scale: 1/8" = 1'-0"
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Floorplans (continued)
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Floorplans (continued)
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Floorplans (continued)
OFFICE SPACE
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FIFTH FLOOR PLAN Scale: 1/8" = 1'-0"
OFFICE SPACE
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SIXTH FLOOR PLAN Scale: 1/8" = 1'-0"
INTERNAL PHOTOS
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610 WOOD STREET PITTSBURGH, PA 15222 John Eliopoulos Senior Brokerage Advisor jeliopoulos@burnsscalo.com 412.613.6229