Westinghouse Electric Co - NNN Lease 51 Bridge St 87,420 SF Flex Building Pittsburgh, PA 15223 $28,400,000 ($324.87/SF) 6.75% Cap Rate
INVESTMENT HIGHLIGHTS
- 100% Leased to Westinghouse Electric Company on a NNN Lease through December 2034
- Awarded the 2023 Best Tech Flex Project from NAIOP Pittsburgh
- Mission Critical Location for Westinghouse’s eVinci Microreactor
- Investment Grade Parent Companies-Brookfield Renewable (S&P:BBB+) and Cameco (S&P:BBB-)
- $18 Million Tenant Investment
- Effectively a New Building with Limited Future Capital Requirements
EXECUTIVE SUMMARY
The current ownership acquired 51 Bridge Street in 2020 and completed a transformative redevelopment, earning the distinction of "2023 Best Tech Flex Project" from NAIOP Pittsburgh. The redevelopment was carefully designed to create a dynamic and cohesive blend of office and tech flex spaces, catering to the needs of technology, robotics, and manufacturing companies.
The Property is situated in Etna Borough, a quaint community spanning one square mile along the Allegheny River, approximately 6 miles northeast of Downtown Pittsburgh. Once recognized as a mill town, Etna has transformed into a thriving residential area with a diverse mix of businesses. With over 160 businesses, the community hosts a variety of employers, including industrial companies, local restaurants, small shops, and consumer outlets.
Strategically positioned at the intersection of Route 28 and Route 8, Etna offers excellent accessibility to a wide trade area, making it an ideal location for industrial tenants and major employers. Route 28 runs alongside the Allegheny River, connecting Downtown Pittsburgh to the northeast suburbs, including Etna, Fox Chapel, Harmar, and beyond. Route 8 serves as a key north-south corridor, linking Pittsburgh’s east end neighborhoods to the northern suburbs.
PA Broker of Record: Sunita Arora License #: RM061605A
PROPERTY FACTS
UTILITIES
- Gas - Natural
- Water - City
- Sewer - City
- Heating
MAJOR TENANTS
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE TYPE
- LEASE END
-
- Utilities
- 87,420 SF
- $21.93
- Triple Net
- Dec 2034
Westinghouse is committed to harnessing a more potent source of power: The strength of human ingenuity. Their company has a 130-year history of innovation that began when their founder, George Westinghouse, commercialized the alternating current and forever changed the way electricity was distributed. Their legacy continues in the nuclear era, which originated when they built the world’s first commercial pressurized water reactor in Shippingport, Pennsylvania. More than 60 years later, 430 nuclear reactors operate around the world using Westinghouse technology. While they are proud of their past, its real value lies in providing a guide for their future. As the world strives to address the challenges of a changing climate, they are constantly rethinking the way they deliver nuclear energy.
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE TYPE | LEASE END | |
|
|
Utilities | 87,420 SF | $21.93 | Triple Net | Dec 2034 |
PROPERTY TAXES
| Parcel Number | 0167-F-00190-0000-00 | Improvements Assessment | $2,163,100 |
| Land Assessment | $111,900 | Total Assessment | $2,275,000 |
