Arkansas-based real estate investment partnership Tempus Realty Partners announced it had acquired office and realty property in Pittsburgh’s Strip District on May 20.
The $43.75 million property includes 94,580 square feet of office space and 31,405 square feet of retail space, officials said. Originally, the property was a warehouse but has since been redeveloped into a more energy-efficient space. Located outside of downtown Pittsburgh, the property is fully leased to Aurora Innovation, an autonomous vehicle technology company, and three retail tenants – Balverna, a Angentine-syle brasserie; Orr’s Jewelers; and Design Within Reach, a modern furnishing company.
“With office valuations currently below even the lows of the Great Financial Crisis, we see a compelling window for strategic investment,” Dan Andrews, CEO of Tempus Realty Partners, said. “As more companies return to in-person work and prioritize high-quality environments for their teams, demand for top-tier office space is clearly on the rise.”
Tempus said the acquisition reflects its confidence in the Strip District and its commitment to investing in premiere assets positioned for long-term performance. Tempus is an investor-centered real estate partnership focused on buying and developing commercial real estate primarily located in the South and Midwest. The company said its strategy is to create superior risk-adjust returns by investing in unique commercial real estate opportunities. The company has acquired more than $1 billion of property in 25 states since 2016.