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New 425,000 SF facility to include office, hotel and retail space along Forbes Avenue
PITTSBURGH, April 21, 2015 — JLL has been retained by Carnegie Mellon University (CMU) to assist with the selection of development partner(s) for a new office, hotel and retail complex on university-owned property on Forbes Avenue, which could reach up to 425,000 square feet.
The project will provide new office space for industry, government and nonprofit partners seeking to establish or enlarge their footprints at the university. In addition, it will provide flexible office space for student, faculty and staff collaboration in the university’s interdisciplinary science, technology and arts programs. In addition to office and research space, preliminary plans also include a hotel and conference center, retail space and a parking garage.
The project, together with the Tepper Quadrangle, set to break ground later this year, is a critical step toward creating the world’s next “Innovation Corridor” in Pittsburgh – a more interconnected campus environment that includes an enhanced network of intellectual partnerships in Pittsburgh and around the world. These projects, along with three others under construction on campus, will add more than 750,000 square feet of collaborative research, education and recreational space to the campus over the next five years.
The project would be the second largest building on the university’s Pittsburgh campus. It will reside on a two-acre parcel of university-owned land in between the Carnegie Museums and Junction Hollow.
JLL prepared a site and market analysis for the property and a request for proposals, which are due June 5, 2015. Prospective development partners are invited to attend a forum to learn more about the project. The selected partner(s), which will be announced later this year, will work closely with CMU to identify organizations interested in leasing space within the facility.
Developers Contacts: Mark Seltzer / 215-988-5525 / firstname.lastname@example.org Brian Carroll / 312-228-3312 / email@example.com
Media Contacts: Ken Walters / 412-268-1151 / firstname.lastname@example.org Abby Simmons / 412-268-4290 / email@example.com
About Carnegie Mellon University Carnegie Mellon (www.cmu.edu) is a private, internationally ranked research university with programs in areas ranging from science, technology and business, to public policy, the humanities and the arts. More than 12,000 students in the university’s seven schools and colleges benefit from a small student-to-faculty ratio and an education characterized by its focus on creating and implementing solutions for real problems, interdisciplinary collaboration and innovation.
About JLLJLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $53.6 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.