M & J Wilkow and its partner, Wayzata Investment Partners, acquired Penn Center East on December 16, 2015. Penn Center East is a 885,000 sq. ft., mixed-use campus located in the eastern suburbs of Pittsburgh, Pennsylvania. The Property is comprised of twelve separate buildings – seven office buildings aggregating 625,000 sq. ft. and five retail buildings aggregating 260,000 sq. ft.. The Property is currently 65% leased to 121 tenants. Roughly two-thirds of vacant space is represented by two buildings that are currently completely vacant; namely a 120,000 sq. ft. building that was previously used for a Sears Department Store and a 78,000 square foot office building. M & J Wilkow’s strategic plan contemplates the implementation of a comprehensive renovation and re-positioning plan, including:
- The development of an 11,000 sq. ft. “Amenity Building” including a fitness center, a tenant lounge and a conference center,
- Significant common area upgrades within the multi-tenant office buildings,
- Overall site redevelopment with respect to the parking lots, signage and lighting, and
- Comprehensive marketing program to attract new tenants.
The acquisition of Penn Center East represents M & J Wilkow’s fifth real estate acquisition in the Pittsburgh Metropolitan market.