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Shorenstein Enters Pittsburgh Market with Acquisition of One Oxford Centre

Pittsburgh, PA – January 22, 2016 – Shorenstein Properties LLC, a private real estate investment firm and fund sponsor engaged in the ownership of high quality office and mixed-use properties nationwide, has acquired One Oxford Centre, a 45-story office and retail mixed-use complex and 840-stall parking garage at 301 Grant Street in the heart of downtown Pittsburgh.  It is the firm’s first acquisition in the western Pennsylvania city.

Built in 1983, One Oxford includes 879,000 square feet of Class A office space above 59,000 square feet of retail and is the third tallest building in the city.  The building also features the Rivers Club, a 73,000 square foot fitness, dining and social club.  The building is currently 81 percent leased with major tenants including the law firms of Buchan Ingersoll & Rooney and Clark Hill PLC. 

Shorenstein plans to implement a comprehensive capital improvement program to address mechanical and building systems upgrades and improve the lobby and common areas such as corridors and restrooms, to solidify the building’s position among the top tier of corporate addresses in downtown Pittsburgh.

This acquisition was made on behalf of Shorenstein Realty Investors Eleven, a $1.22 billion commingled fund formed in 2014.

About Shorenstein Properties LLC
Founded in 1924, Shorenstein Properties LLC is a privately-owned, real estate firm active nationally in the ownership and management of high-quality office properties, with offices in San Francisco and New York.  Starting in 1992, Shorenstein has sponsored eleven closed-end investment funds with total equity commitments of $7.9 billion, of which Shorenstein committed $648.5 million.  Shorenstein uses its integrated investment and operating capabilities to take advantage of those opportunities which, at the particular time in the investment cycle, offer the most attractive risk-adjusted returns.  Investments have included ground-up developments, asset repositioning and stabilized assets; investment structures have included asset acquisitions, mezzanine loans, preferred equity investments and structured joint ventures.  These funds have invested in properties totaling 61.7 million square feet in transactions with a gross investment value in excess of $14.5 billion.