Q2 2012 Pittsburgh, Pennsylvania Office Property Sales Analysis

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Q2 2012 Pittsburgh, Pennsylvania Office Property Sales Analysis


There were three small qualifying single property office investment sales in metro Pittsburgh in the second quarter of 2012.* The dollar total for the sales was just $6.9 million, and the largest of them was $2.6 million, the price at which the 48,404-square-foot 606 Liberty Avenue in Pittsburgh traded in April. Martyn Gefsky sold it to Tiversa Re Holdings LLC for $54 psf. The mean cap rate for second quarter sales is 11.1%, and it pulled the rolling 12 month mean cap rate up 40 basis points to 8.5%.