PITTSBURGH – Oxford Development Company announced Jan.22 that it has closed on the sale of One Oxford Centre, the iconic 1.1 million square foot Class A Office Tower in Pittsburgh’s Central Business District, to Shorenstein Properties of San Francisco.
“Oxford has been the proud owner of this iconic building since 1983,” said Steve Guy, President and CEO, Oxford Development Company. “By placing One Oxford Centre in the hands of a high-quality professional owner like Shorenstein, this sale allows us to realize the benefits of this over 30 year investment. We welcome Shorenstein to the Pittsburgh market.”
Shorenstein, headquartered in San Francisco, is one of the Country’s oldest and most respected real estate organizations active nationally in the ownership and operation of high-quality class-A office properties. This will be their first property owned in the Pittsburgh market.
The 45 stories of aluminum, glass, and granite quadruple octagons, designed by Hellmuth, Obata & Kassabaum boasts one of the city’s premier business addresses. The innovative facility – combining state-of-the-art office space with world-class retail space and fine dining – was a watershed in the development of Pittsburgh’s Renaissance II and helped re-shape Pittsburgh’s image as the city began its transition from heavy manufacturing to a knowledge-driven economy.
“The building’s signature position in the Pittsburgh skyline stands as a testament to the vision of Oxford’s founders, Ed Lewis and Mark Mason, and their commitment to the long-term success of our region,” Guy said. “One Oxford Centre wasn’t only the boldest and most ambitious project of Eddie Lewis’ career but also his legacy to the city he loved. Our owners are very proud that One Oxford Centre will remain a landmark building.”
One Oxford Centre is home to many international and national companies including a significant number of Pittsburgh’s law, accounting, and financial service firms, and serves as the headquarters for Oxford Development Company.