Property tours are available by appointment ONLY. Please contact Richard Beynon at 412-261-3640 or rbeynon@beynonandco.com. Investment Highlights ±13,800 SF five-story multi-tenant office building ±22,458 SF ±90 space parking garage with reduced rates for tenants The office is currently ±58% leased at an average of ±$15.28/PSF The garage is 100% leased with rents increasing to ±$3.47/PSF in July In-place cash flow with value-add potential through lease up of available 2 floors Located in Pittsburgh’s Central Business District, directly off the Parkway High visibility and signage potential Investment Overview The AKF Building (the “Property”) is a five-story ±13,800 SF multi-tenant office building, with an adjacent four-story ±22,458 SF ±90 space Parking Garage, located in Pittsburgh, PA. The Property is located at 434-436 Boulevard of the Allies, on the NE corner of Allies and Grant Street, directly off of Penn Lincoln Parkway. The five-story AKF Building boasts high visibility, and flexible ±2,800 SF floor plans, with large north-facing windows providing natural lighting throughout. Adjoining the office on the south is a four-story ±90 parking garage with reduced rates for building tenants. The AKF Building is currently ±58% occupied by two tenants paying an average of ±$15.28/PSF, with increases planned through 2025. Two floors, both ±2,800 SF, are currently available. The adjacent parking garage is currently 100% leased to a private manager, with rents currently at ±$1.87/PSF, and increasing to ±$3.47/PSF in July. This lease can be cancelled upon sale, allowing new owners to operate or lease this facility themselves. In addition, there are two hotels currently under construction within a block of the Property, which will provide a large upside for the garage. The Distrikt, a ±181-room boutique hotel, and a ±99-room Holiday Inn are expected to open in Spring and Winter 2017 respectively. There is also the potential for additional income through signage along Grant Street, adjacent to the Penn Lincoln Parkway Entrance. This offering represents the opportunity to acquire an extremely well-located property with in-place income and significant upside through lease-up of the vacant space. The Property is located in Pittsburgh’s Central Business District neighborhood, near the convergence of the Allegheny and Monongahela Rivers. Being directly off of Penn Lincoln Parkway, and two blocks north of the Smithfield Street Bridge, it has easy access to all major highways. The estimated population and average household income within a 3-mile radius is approximately 389,082 and $67,275, respectively. The area surrounding the subject is primarily commercial in nature, with significant office and retail uses. Located within two miles of the subject are the David L. Lawrence Convention Center, Mellon Arena (Pittsburgh Penguins), PNC Park (Pittsburgh Pirates), and Heinz Field (Pittsburgh Steelers). This offering presents new owners with the incredible opportunity to operate a highly visible, 84.33% leased office building and parking garage with strong value-add potential in Pittsburgh’s Central Business District.
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