Friday, August 03, 2007

Westinghouse Electric Enters $220 Million Build to Suit Near Pittsburgh

Cityfeet / GlobeSt - August 1, 2007

Details of the previously announced development of Westinghouse Electric Co.’s planned nuclear energy headquarters office campus--believed to be the largest class A build-to-suit in the state’s history--have been finalized. Norcross, GA-based Wells Real Estate Investment Trust II Inc. has acquired an 82-acre parcel in the Cranberry Office Park northeast of Pittsburgh. Mine Safety Appliance Co. owns the business park. On condition of anonymity, an area broker tells the price of the land was $14 million. Wells has an option on an adjacent 23-acre parcel that would allow expansion of up to 1.2 million sf.

Dallas-based Trammell Crow Real Estate Development & Investment Inc., now an independently operated subsidiary of CB Richard Ellis, is developing the three-building, 770,000-sf complex, which will be owned by Wells REIT II. Westinghouse has signed a 15-year lease for the facility under an agreement that begins with completion of the second phase of the project.

Phase one calls for a five-story, 440,000-sf central building to be completed in mid-2009, followed by a second phase containing two four-story buildings of approximately 160,000 sf each that will flank phase one. They are scheduled for occupancy in mid-2010. The construction cost for both phases is $180 million. Sphere: Related Content

No comments:

Wikinvest Wire