Walnut Capital Ready to Expand Office Component at Bakery Square 2.0
- Feb 02, 2015
As the first office building currently under construction at the Bakery Square 2.0 mixed-use complex in Pittsburgh’s East End is almost completely leased, Walnut Capital is ready to embark on the project’s expansion.
According to the Pittsburgh Tribune-Review, the developer is planning to start construction on the second office facility as soon as it is able to secure “firm commitments” from would-be tenants. Given the fast leasing pace of the project’s initial phase, a 218,000-square foot, six-story office structure anchored by Google, the new building, which will be of similar size, could break ground sooner than anticipated.
“Because we’re so close to Carnegie Mellon, Pitt and other local universities, we feel there is a lot of pent-up demand for companies who want to come to Pittsburgh to locate here,” Gregg Perelman, Walnut Capital Partners’ managing partner, told the newspaper.
The company also made a formal announcement that software firm Autodesk will relocate from its offices in O’Hara and occupy about 15,000 square feet in the first building, which is scheduled for completion this fall.
Bakery Square 2.0 is a multi-million dollar complex rising on the site of the former Reizenstein Middle School. Plans call for a total of approximately 425,000 square feet of LEED-certified office space, 52 for sale townhomes, as well as 350 rental apartments within two buildings. One of these, offering 175 units, opened in June, while another one of about the same size is expected to open in June 2016.
Walnut Capital also developed 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.
Photo credits: Walnut Capital Partners