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JLL selected as exclusive leasing agent for more than 100,000 square feet in APEX 275
PITTSBURGH, October 12, 2016 – Chicago-based M & J Wilkow, Ltd. is pleased to announce the acquisition of APEX 275 Southpointe, a two-story office building located at 275 Technology Drive in Western Pennsylvania's premier business park Southpointe. In suburban Pittsburgh, APEX 275 Southpointe is the only fully vacant Class A building with more than 100,000 square feet—the largest block of space available. Future enterprise tenants will have the ability to completely control access, security, branding, HVAC, parking, and more. JLL has been selected as the exclusive leasing agent at the site.
Having previously served as the corporate headquarters for Ansys, Inc., the Class A building is suited well for large tenants seeking visibility from I-79 and the business park's other inhabitants. The building features two stories of office space connected by its main lobby and corridor, as well as abundant tenant parking. The new owner is planning a multimillion-dollar renovation, which will include an outdoor patio and amenity space, among other additions.
JLL Vice President Jeffrey Adams will represent the new ownership for all leasing activity.
"Because this is the largest vacant space in this business park, we're anticipating significant interest from prospective tenants," said Adams. "Aside from high class available space, APEX 275 also includes an adjacent 3.5 acre development site that could potentially accommodate larger tenants (up to 160,000 square feet) or tenants with an above standard parking requirement. Plus, prospective tenants will have the opportunity to expand the footprint of the building by 50,000 square feet to accommodate growth."
The acquisition marks the sixth purchase for M & J Wilkow in the Pittsburgh area. Previous purchases include the mixed use development The Waterfront in Homestead, Penn Center East, 20 Stanwix Street, 420 Boulevard of the Allies and the Federal Reserve Bank building.
"After tracking APEX 275 for two years, the pricing finally made sense," said M & J Wilkow Vice President Martin Sweeney. "We have a great track record of redeveloping 100% vacant suburban office buildings around the country. To bring that expertise to a preferred market of ours [Pittsburgh] in a dynamic business park like Southpointe is very exciting to us."
For more information, visit www.jll.com/pittsburgh.
About M & J Wilkow, LtdM & J Wilkow is a leading commercial real estate owner and operator dedicated to creating value for its investors. The Company's approach to real estate emerged distinctively from an owner's perspective and has evolved over seventy seven years in the real estate business. M & J Wilkow's portfolio consists of 26 properties, which includes 10 office buildings and 16 retail properties consisting of approximately 7.4 million square feet. The aggregate market value of the portfolio is estimated to be in excess of $1.5 billion. For more information, visit www.wilkow.com.
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. A Fortune 500 company with annual fee revenue of $5.2 billion and gross revenue of $6.0 billion, JLL has more than 280 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $59.1 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.
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