Newmark Secures Sale of Class A Office Property, Foster Plaza Nine
Newmark[i] announces the sale of Foster Plaza Nine, a 155,663-square-foot Class A office building located at 750 Holiday Drive in Pittsburgh, Pennsylvania. The asset was acquired by an undisclosed buyer from Sterling Equities, a fully integrated and highly regarded real estate company based in New York City. Newmark Senior Managing Directors David Dolan and Michael Margolis, Executive Managing Director Gerry McLaughlin and Managing Director Jeff Schultz were exclusively retained by Sterling Equities to market the sale of its office asset. Newmark Financial Analyst Angelo Brutico and John Cook provided support on the transaction.
“Despite facing macroeconomic headwinds, Foster Plaza Nine presented a tremendous opportunity to invest in an institutional-quality office asset with immense upside via future development within the office park and the lease up of currently high-quality vacant space,” said Dolan. “We congratulate Sterling Equities and the buyer on closing this transaction, which marks the completion of a significant milestone.”
Foster Nine Plaza has been institutionally owned and maintained since its completion in 1990 and offers a unique value-creation opportunity for new ownership. With 64% occupancy at the time of sale, the asset boasts some of the highest-quality office vacancies available in the market today.
Strategically located within the Parkway West submarket and the Foster Plaza office park, Foster Nine provides tenants with immediate access to I-376, Route 60 and Bypass 19 via Sawmill Run Boulevard–allowing excellent regional access to the main transportation. Additionally, Foster Nine Plaza benefits from an abundance of retail, restaurants and residential communities, all located within minutes of the property.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ending December 31, 2022, Newmark generated revenues of approximately $2.7 billion. As of March 31, 2023, Newmark’s company-owned offices, together with its business partners, operate from over 170 offices with approximately 7,300 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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