CBRE Announces 40 Transactions in Past 12 Months at Gateway Center in Pittsburgh

24 Jul 2020

GatewayCenter_Rendering

CBRE today announced that in the last 12 months it has executed 40 transactions in excess of 320,000 sq. ft. of new, expanded and renewed office leases at Gateway Center—a four-building, 1.5 million sq. ft. office complex located in the heart of Pittsburgh’s central business district.  

The CBRE team of Jeremy Kronman, Timothy McCarthy and Dominika Demantova represented ownership, Hertz Investment Group, during the negotiations. 

Notable new tenants include The Reschini Group, Great Lakes Behavioral Research Institute, Totum Realty Advisors, Bordas & Bordas Attorneys, ARCCA and Zeke’s Coffee. Significant renewal tenants include Houston Harbaugh, The Webb Law Firm, Zions Bancorporation, Standard Insurance, CS McKee Investment Managers, Urish Popeck, EQT Federal Credit Union, Gallagher Insurance, Risk Management & Consulting, Extra Mile Education Foundation, PACE and POISE Foundation(s), BCW and Grenen & Birsic. 

“Gateway Center continues to attract and retain tenants given its professional ownership, high-quality of buildings and surrounding grounds, parking and committed ownership,” said McCarthy, who is part of the CBRE team hired to oversee the leasing efforts in 2019. 

In addition to the lease transactions, Hertz is announcing that it will invest more than $4 million in new tenant amenities, which are currently under construction and scheduled for completion in Q4 2020. These new amenities include a new tenant training and meeting area, tenant lounge and collaboration areas and a new state-of-the-art fitness facility. These improvements will be joining the existing dining, conferencing, coffee shops, bar and restaurant that all serve to provide for the complex. Additionally, new lobby refurbishment programs are now completed, with new security and furniture upgrades installed as of July 2020. 

“Leveraging underutilized space on the first floor and lower level of Two Gateway Center at the nexus of the Gateway Center campus, we created a centrally-located hub of amenities that all tenants can use,” said Jeff Young, AIA, Co-Managing Principal of the Pittsburgh studio of Perkins Eastman, the architecture firm responsible for the designs of these new spaces. “Now, more than ever, companies and their teams will require more thoughtfully considered places to meet, collaborate, train, socialize and exercise. This supports our view of the evolving nature of workplace, with emphasis placed on more spaces for team and much needed face-to-face interactions, and de-emphasis on space for the individual. Having these new amenitized spaces provides choice and variety, which support different ways of working and collaborating for the tenants of Gateway Center.” 

Furthermore, these upgrades include new 14’ exterior monuments at each of the four buildings, providing a professionally designed sense of place, direction and development, as well as speaking to the level of investment upgrades.

“Hertz owns and operates more than 21 million square-feet of Class A office space across the country, and based on our experience, our tenants demand and expect not just the first class services that our dedicated on-site property management team provides, but world-class amenities that complement the unique location, grounds and gardens, and mid-century modern style that is evident throughout the Gateway Center complex, and its place in Pittsburgh,” stated Asset Manager and Hertz Vice President, Jeff Caimi. 

Added Jeffrey Ackerman, Managing Director at CBRE: “The Gateway Center Complex has always provided an excellent corporate destination with its primary location, public transportation access and parking, great views and its fabulous outdoor patios and gardens, but now it also has Hertz’s major investments in tenant amenities and wayfinding exterior signage to position it for 2021 and beyond.”  
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.