M & J Wilkow and DRA Advisors Acquire Pittsburgh's 11 Stanwix
CHICAGO, Illinois (February 24, 2017) – M & J Wilkow, Ltd. in a joint venture with DRA Advisors LLC, announced the acquisition of 11 Stanwix Street, a 24-story, 467,843 square foot Class A office tower located on the southwest edge of Pittsburgh's Golden Triangle.
The acquisition of 11 Stanwix marks the fourth joint venture between M & J Wilkow and DRA in recent years, following the One East Erie acquisition in Chicago in August 2016. In Pittsburgh, DRA and M & J Wilkow also own 20 Stanwix Street, a 22-story Class A office tower that neighbors the newly acquired 11 Stanwix.
Dean Sickles, Managing Director for DRA said, "This investment reflects our long-term confidence in the downtown Pittsburgh market. The property's proximity to 20 Stanwix allows us the opportunity for synergies and scalability relative to amenities, parking, and flexible space needs at both properties."
The Pittsburgh market is one that M & J Wilkow knows well. The Company has completed nine acquisitions in Pittsburgh, and currently owns 3 million square feet of office and retail in the market.
Marty Sweeney, Senior Vice President of Acquisitions for M & J Wilkow added, "We look forward to leveraging our value-add skill set as we move to elevate the amenity base and tenant experience with an eye on improving the property's below-market 83 percent occupancy rate." The property currently offers the top 1.5 floors available for lease.
11 Stanwix is home to a diverse tenant base including Commonwealth of Pennsylvania and other leading firms such as Key Bank and HDR Engineering. The location of 11 Stanwix offers convenient access to the regional highway system and panoramic views of the Pittsburgh skyline and rivers. Additionally, the property offers one of the best parking garages in Pittsburgh with an above-market parking ratio of 1.14 spaces per 1,000 square feet. M & J Wilkow Properties, LLC will serve as the building's manager, and JLL will represent the new ownership for all leasing activity.
About DRA Advisors
DRA Advisors LLC was founded in1986 and is a Registered Investment Advisor that specializes in real estate investment and management for institutional investors. To date, DRA has completed acquisitions of 393 properties in 31 states, consisting of 47 million square feet of office, 30 million square feet of industrial, 35 million square feet of retail, and 63,064 multifamily units. DRA is headquartered in New York City, with regional offices in San Francisco and Miami. For more information, visit www.draadvisors.com.
About M & J Wilkow
M & J Wilkow is a leading commercial real estate owner and operator dedicated to creating value for its investors. The Company's approach to real estate emerged distinctively from an owner's perspective and has evolved over 78 years in the real estate business. M & J Wilkow’s portfolio consists of 29 properties, which includes 12 office buildings and 17 retail properties consisting of approximately 7.65 million square feet. The aggregate market value of the portfolio is estimated to be in excess of $1.62 billion. For more information, visit www.wilkow.com.