Developers Celebrate Groundbreaking of First Office Building at Bakery Square 2.0 in Pittsburgh
- Apr 30, 2014
By Adriana Pop, Associate Editor
Local officials, as well as university and community representatives, joined Walnut Capital and its development partner, RCG Longview, for the groundbreaking ceremony of the first of two new office buildings planned at Bakery Square 2.0, the $120 million mixed-use project rising on the site of the former Reizenstein school.
Across the street from the site of the complex, Walnut Capital Partners has also completed the first phase of Bakery Square, a $130 million mixed-use redevelopment of the 1900-era Nabisco bakery. The LEED platinum office building is fully leased to a mix of tenants including Google, UPMC, Carnegie Mellon and the University of Pittsburgh.
Building on the success of the original development in Larimer, Bakery Square 2.0 will bring a total of 425,000 square feet of LEED-certified office space, 52 for sale townhomes, as well as 350 rental apartments within two buildings, one of which is scheduled to open in June.
A two-level sky bridge over Penn Avenue will connect the Larimer side of the established development with its Shadyside addition.
Designed by Strada Architecture, the new six-story, 218,000-square-foot office building will enable Google to expand its presence at Bakery Square by an additional 66,000 square feet.
The company has been a driving force for the first phase of the East End development, becoming the largest office tenant in the building. It went from a 40,000-square-foot office a few years ago to a current lease of 140,000 square feet.
Bakery Square 2.0 is expected to create 3,500 high paying jobs including 218 construction jobs and 429 spin-off jobs, while providing millions in tax revenue to the city, county, school district and state.
“This will be the best, highest quality sustainable office space in the city and arguably the nation, strategically located next to prime retail and residential space and within two miles of our region’s ‘eds and meds’ economic powerhouses,” Gregg Perelman, managing partner of Walnut Capital, said in a news release.
“We are pleased to be a part of a team that is creating new jobs and redeveloping Pittsburgh to meet the strong demand for green commercial space by integrating historic architecture with new construction,” added Richard L. Gorsky, managing director of RCG Longview.
Photo credits: Walnut Capital Partners