For Sale
$11,306,000

2000 Technology DrPittsburgh, PA 15219

Riverfront office building, high occupancy, strong NOI.

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional Class A office building, located at 2000 Technology Drive in Pittsburgh's University District, presents a compelling investment opportunity. The 69,543 square foot, four-story property boasts a 96.6% occupancy rate, generating a substantial net operating income (NOI) of $1,130,606, representing a 10.00% capitalization rate. The asking price is $11,306,000, translating to $162.58 per square foot. Built in 1994, the building features a gross lease structure and houses four tenants, including National Cyber-Forensics and Training Alliance, Jewish Federation of Greater Pittsburgh, Pike Engineering, and Everett & Hurite Ophthalmic Association. The property includes 243 surface-level parking spaces (3.5 spaces per 1,000 square feet), a significant amenity in this dense urban area. Situated on a 3.86-acre riverfront lot, the building offers stunning views and benefits from its location within the Pittsburgh Technology Center, a thriving hub for technology, medicine, research, and development. The building's prime location between universities and the Central Business District, coupled with the limited availability of developable land in the Oakland submarket, ensures long-term investment security. The remaining 2,394 square feet of vacant space presents an opportunity for further income generation. The weighted average lease term for existing tenants is 5.5 years. This property offers a rare combination of high occupancy, strong cash flow, and a desirable location in a rapidly growing market.

Highlights

  • Ample free on-site parking; a 3.5 space per 1,000 SF ratio.
  • Convenient location between Oakland universities and the CBD.
  • Prime Monongahela Riverfront location with scenic views.
  • Situated in the Pittsburgh Technology Center, a thriving technology and research hub.
  • Benefits from a strong Oakland office submarket with high demand and rising rental rates.

Property Details for 2000 Technology Dr

Property type
Office properties
Square Feet
69,543 SF
Class
A
Lot Size (sq. ft)
168,142 SF

Location Insight

City
Pittsburgh
County
Allegheny
State
Pennsylvania
Latitude
40.4341883
Longitude
-79.9703371
2000 Technology Dr, Pittsburgh, Pennsylvania

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2000 Technology Dr
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