Oxford Development Plans 20-Story Office Tower in Downtown Pittsburgh
- Aug 13, 2014
Oxford Development Co. is planning the construction of a new office high-rise in downtown Pittsburgh.
According to the Pittsburgh Post-Gazette, the 20-story eco-friendly tower known as 350 Fifth will replace an existing vacant building the developer owns on the west side of Smithfield Street, between Forbes and Fifth avenues.
Oxford’s former plans for the site at 441 Smithfield called for either a $40 million renovation of the existing facility, or a new 33-story tower, for which the company was unable to secure an anchor tenant.
The new project will offer 521,000 square feet of space at an estimated cost of between $190 million and $200 million. Besides the office component, the building’s additional features will include street level retail and restaurant space, an 18-foot-high lobby and underground parking for more than 100 vehicles.
The floor utilization rate for the office space will be around 92 percent, higher than the average of 76 to 80 percent in other Class A buildings in the Pittsburgh market.
Tenants will be able to opt for open floor plans and utilize a raised floor system that has the capacity of storing data and telecommunications cables, along with heating and air conditioning components.
The timing for Oxford’s 350 Fifth project is right, since the Class A office vacancy rate in downtown Pittsburgh is less than 7 percent, Newmark Grubb Knight Frank research data shows.
Gerry McLaughlin, Newmark Grubb executive managing director, told the newspaper that the downtown Pittsburgh market is “as ripe as it’s ever been in the past 10 to 15 years” for new office construction.
Other office developments currently under construction in the same area of the city include the 33-story Tower at PNC Plaza that PNC Financial Services Group is building on Wood Street and the 18-story, $103 million Gardens at Market Square mixed-use complex Millcraft Investment is building on Forbes Avenue.
Photo credits: www.350fifthpittsburgh.com