On behalf of the Owner, Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present this opportunity to purchase Liberty Center (the “Property”), a 538,000 rentable square foot, Trophy Class office tower located in the Cultural District of Pittsburgh's CBD. Constructed in 1986, the Property serves as the world headquarters for Federated Hermes which occupies 48% of the rentable square footage (7.3 years of remaining lease term - expiration 12/30/30) and has been in occupancy since 1987. Other key tenants include the United States Government (S&P: AA+), Direct Energy, and Jackson Lewis. The Property is 90% leased and occupied and has a 6.0-year WALT, providing income durability from a diversified tenant roster with a strong credit profile.
Liberty Center is a mixed-use development, with best-in-class amenities, and is comprised of three condominium components: (i) a 538,000 rentable square foot office building, (including a small amount of miscellaneous lobby retail space) (ii) 480-space parking garage, and (iii) the 616-key Westin Hotel. The office building and parking garage are the only units included in this offering, as the Westin Hotel is separately owned. Investors can take advantage of the mixed-use synergies and benefits associated with the Westin Hotel without any of the risks associated with hotel ownership.
- Income Durability: 6.0-Year WALT With Credit Tenancy
- Strong Credit Anchor Tenant (WALT 7.3 Years - 12/31/30 occupying nearly 50% of the GLA)
- Trophy Office With Best-In-Class Amenities
- On-Site Parking & Multi-Modal Transportation
- Below Replacement Cost With No Deferred Maintenance
- Immediate Access to Region's Demand Drivers and Cultural Attractions