Microbac Makes Move From Suburbs to Pittsburgh’s Nova Place
Pittsburgh, PA—(September 15, 2016) Why would one of the most progressive, industry-leading laboratory testing companies move their offices to Pittsburgh’s bustling North Side neighborhood? Two words: Nova Place.
In 2017, Microbac will move their corporate headquarters from the North Hills of Pittsburgh to Nova Place, almost doubling their footprint in the greater Pittsburgh region. In an attempt to provide their employees with a more walkable and upscale urban environment, Microbac seized the opportunity to relocate to Pittsburgh’s next destination neighborhood, to experience the excitement of working in the city, with all of the benefits modern office tenants demand today.
Contemporary amenities and an inspiring environment are keys to creating a company culture that breeds success. Microbac recognized that Nova Place is providing the needs for today’s worker with its current renovations to its public spaces, continued planned upgrades, and robust amenities centrally located on-site, some of which include: Union Fitness, a 10,000SF fitness center complete with a yoga/spin studio, showers, towel service and locker rooms, common meeting and conference spaces, plenty of healthful dining options, upgraded outdoor green spaces, and a 3,000 car parking garage.
“This move is genuinely in line with our strategic growth plans,” says Cabot Earle, CEO of Microbac. “We’re looking to inspire our employees and our clients with an environment that clearly reinforces the progressive brand reputation we have built in our industry. The clean, cutting-edge, innovative and healthy experience of Nova is a perfect fit for us at this time.”
“Dick Cassetti and Jared Foster from Cushman & Wakefield Grant Street Associates represented Microbac on the transaction and their assistance was instrumental in seamlessly completing this deal,” said Jeremy Leventhal, Managing Partner of Faros Properties.
Microbac joins a list of newly signed tenants as well as long-standing anchor tenants including, Innovation Works, Confluence, Newton Consulting, La Prima, Matrix Solutions, PNC, Bank of America, Expedient, and Alloy 26, Pittsburgh’s largest co-working space. Minutes from downtown and all major throughways, Nova Place grants these companies easy access to popular destinations city-wide.
“There is a growing demand for amenity-rich office solutions in Pittsburgh that are close to downtown, and easily accessible via public transportation and all major throughways. Nova Place is an attractive option for a wide-array of companies looking to relocate from the suburbs to the city,” said Elliot Gould, Managing Partner of Faros Properties.
According to Jeremy Kronman, Executive Vice President of CBRE, Inc., “The demand just keeps building for Nova Place – we are seeing tenants from all suburban marketplaces tour (Parkway West, East, South and as exemplified by Microbac, the North Hills) as well as continued demand from existing city tenants. The number and size of tenants looking at the complex, and the leasing activity to date, have been phenomenal; and what is really astonishing is that the full amenities don’t even open until later this year – in many ways we are still pre-leasing!”
Andrew Miller, First Vice President of CBRE added: “Microbac is another nice addition to the eco-system of like-minded tech and corporate companies that is maturing at Nova Place.”
Formerly Allegheny Center, Nova Place is the 2nd largest urban renewal project in the nation with 1.5 million square feet of space. Providing a corporate environment for current and future tenants to inspire, educate, and foster growth, the complex is in the process of its multi-million dollar renovations, which will transform the property into a first-class, mixed-use development. Over the past four years, Faros Properties has invested over a quarter of a billion dollars into the region.
About Faros Properties LLC
Faros Properties is a real estate investment firm established by Alexander Leventhal, Jeremy Leventhal and Elliot Gould as a platform to target long-term private investment opportunities. Faros primarily targets core investments in supply-constrained markets with high concentrations of intellectual capital. Faros and its predecessor companies trace their roots to family-owned operations. The family has for over six decades been actively involved in the construction, development, acquisition, management, and financing of over 50 million square feet of real estate internationally.
Pittsburgh-based Microbac, is an independent laboratory testing company with more than 30 locations in 12 states. Serving the food, environmental, life sciences and specialty service markets, Microbac partners with corporations, as well as local, state and federal agencies to innovate and produce with confidence, and stay in compliance. Since 1969, Microbac has helped to assure the quality, health and safety of products that impact consumers every day. microbac.com
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.