PITTSBURGH, PA– HFF announced today that it has arranged a $53.7 million construction loan for a to-be-built, two-building Class A office campus totaling 336,000 square feet in Southpointe Office Park located 15-miles southwest of downtown Pittsburgh, Pennsylvania.
HFF worked exclusively on behalf of the borrower, Quattro Investment Group, to secure the three-year construction loan through Wesbanco Bank with First Commonwealth Bank and First National Bank as participants.
Due for completion in October 2014, the project will consist of an 186,000-square-foot, LEED certified, five-story building that is a build-to-suit for the world headquarters of Ansys (NASDAQ: ANSS) plus a 150,000-square-foot speculative office building. The properties are situated on a 21 acre site within Southpointe Office/Industrial Park, an 830-acre mixed-use development about 15 miles southwest of the Pittsburgh central business district and 12 miles southeast of the Pittsburgh International Airport in Southpointe.
The HFF team representing Quattro Investment Group was led by senior managing director Mark Popovich and managing director Matt Kafka.
The managing partner of Quattro is Jim Scalo, president of Burns & Scalo Real Estate Services.
Mr. Scalo states that, “this is an incredible development in a very tight office market. Based on the activity in the market, we anticipate that the speculative office building will be leased before construction is completed.”
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit www.hfflp.com or follow HFF on Twitter at www.twitter.com/hff.