610 WOOD STREET Pittsburgh, PA John Eliopoulous jeliopoulous@burnsscalo.com
412.250.3000 | burnsscalo.com
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TABLE OF CONTENTS Market Overview 3 Investment Summary 4 Nearby Destinations 5 Property Highlights 6 Leases In Place 7 Asset Overview 9 Internal Photos 13
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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.
412.250.3000 | burnsscalo.com
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INVESTMENT SUMMARY Offering $4.5 M Rentable Area 43,200 SF Floors 6 Site Area .32 AC Parcel ID 0002-A-00016 Zoning GT
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NEARBY DESTINATIONS 707-709 Penn Avenue Galleries Andy Warhol Museum Arcade Comedy Theater August Wilson Center Benedum Center
Cabaret at Theater Square
Pittsburgh Playhouse
Carnegie Science Center
Rivers Casino
Fort Pitt Museum
Senator John Heinz Pittsburgh Regional History Center
Heinz Field Heinz Hall Highmark Stadium
Bricolage Production Company
O’Reilly Theater
Byham Theater
PNC Park
SPACE Gallery Stage AE Wood Street Galleries
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PROPERTY HIGHLIGHTS Renovations About half a million has been invested into the first-floor space (both tenant and LL work). Renovation include new HVAC, electrical service, etc. New storefront windows and entry canopies we also installed. The boiler system had major service and maintenance done to it in 2020 and 2021. New self-leveled Schoanox subflooring was installed on the 1, 5 & 6th floor. 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.
Proposed facade improvements could include double height windows Strong building signage and branding opportunity Rear looking 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 and (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 – opening 6/2021 Guaranteed by Dollar General Corporation (Parent Co) $132,648 annual rent ($24 SF) ~$500k invested in first floor space (both tenant and LL work) including new HVAC, Elec Service etc NN Lease – tenant maintains their entire premise and pays all costs except RE Taxes
412.250.3000 | burnsscalo.com
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Verizon ~$33,000/yr rooftop lease paid annually Lease in place since 1995 Current option ends July 2023, with one more 4 year option after Verizon just spent several hundred $k last year upgrading their towers and has significant investment on roof (and generator in basement) so likely plans to negotiate additional extensions
ATM Tenant Currently in lease negotiations - $22,000/yr paid monthly, 5yr term with ~4x 5 year options
Corporate Backed Tenant (name released once lease is finalized) NN Lease – tenant maintains their entire premise and pays all costs except RE Taxes
Upper Floors Floors 2, 3, 4 are vacant office, ~C+/B- condition 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"
412.250.3000 | burnsscalo.com
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Floorplans (continued)
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Floorplans (continued)
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Floorplans (continued)
OFFICE SPACE
1
FIFTH FLOOR PLAN Scale: 1/8" = 1'-0"
OFFICE SPACE
1
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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 Eliopoulous Senior Brokerage Advisor jeliopoulous@burnsscalo.com 412.613.6229
