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tooluther

Real Estate Moves

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Various Media (Bizjournals, P-G, Trib) have been reporting possible big real estate moves on the horizon in the past few weeks. Some of these are recaps, but they all play into each other...

1. Heinz (despite the recent bad press) are still looking at various new locations (some downtown, some elsewhere in the region) for a relocation of their world headquarters currently in the steel building...no changes are planned for their north american headquarters in the Gimbles building.

2. Equitable will have at least 350 new people on payroll after their swap with Dominion. They (like Heinz) are looking at space in the Dominion tower. The trib also noted they may take part of a second building on the north shore. However...

3. Continental is changing the north shore master plan to replace the second office pad with a Hyatt/Embassy suites type hotel. (so a second Equitable building is out)

4. Consol is heading out of its USC headquarters and will build a new one at South Pointe. This will create a major power play for the land they are currently on. Expect a major retail development to take its place

5. The biggie...an unknown company (most likely Westinghouse) is looking for 800,000- 1,000,000 S.F. in various places around the region. The early favorite seams to be out near the airport. This would be one of the largest office moves in Pittsburgh history. If by the grace of God, the company that has three brokerage firms on the job is NOT Westinghouse, it would mean that there could be TWO of these huge deals in the works.

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I think that if the market can handle it, then it's a good move to have the N Shore space be a hotel, preferably a higher end one.

In relation to that, it would be nice to see Heinz, and Equitable take up some of downtown's vast space. I have to wonder, if a building like the ol' CNG Tower still can't capture one of these guys, particularly when they are top quality space in a "newer" building, then something is terribly wrong.

It certainly seems that Westinghouse is the mystery company, if they are not, then that's even better to have some other company require so much space and of course, regardless, Westinghouse seems to be poised for growth with all of the nuclear power expansion etc.

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Great rundown Tooluther!

I am curious what Heinz has planned for their takeover of the former FORE Systems campus up in Warrendale. Also why did the airport location fall through for that Toshiba/Westinghouse (or other), I think we need to frame the airport as a "gateway" to the region, IMHO development south of PA60 along the new Findlay connector can not happen fast enough.

Good news for the region overall, impressed that a Hyatt/Embassy Suites type will move in on the northshore, hoping that it will be taller then 6 or 10 floors!

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