1/14/2008

CBRE/Grubb & Ellis broker sale of 53,000 sf office/flex building

by

700 Waterfront Drive

STAG Capital Partners has acquired a 53,183 square foot office/flex building in Pittsburgh, Pa., in a three-party deal with McKesson Specialty Pharmaceuticals and the Pittsburgh Economic and Industrial Development Corporation.

Lou Oliva of Grubb & Ellis and Alex Somerville of CB Richard Ellis represented McKesson while Mike Chase handled the in-house negotiations for STAG.

The building is situated on four acres at 700 Waterfront Dr. It is located within Washington's Landing, a mixed-use development featuring office/research space, a full-service marina and a public park.

Oliva is a senior VP with Grubb & Ellis and has been with the company since 1981. He specializes in industrial properties and is a former employee of Schering Plough and Proctor & Gamble. He earned his B.S. in Administration and Management Science from Carnegie Mellon University.

Somerville is a VP with CBRE's San Francisco office and is a member of the company's Global Corporate Services Group. He is a former investment banker.

Address: 700 Waterfront Drive, Pittsburgh, Pa.

Size: 53,183 square feet

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Filed Under: Office

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