IRA has a strong track of acquiring well-located, class-A office real estate in primary markets throughout the US. IRA has found success by forming long-term partnerships with large credit tenants to execute sale-leaseback structures for numerous headquarter facilities. IRA has also been successful in repositioning under-leased office assets by enhancing spaces, creating floor plans that foster creativity and collaboration, and adding amenities such as fitness centers, on-site cafes, and other perks that not only attract higher-quality tenants, but also help stabilize the tenant base by helping tenants increase employee retention and recruitment.
- The Equitable Building is a Class-A, 6 story office building that was originally constructed as a build to suit for Equitable Resources.
- The property is well located between PNC Park (Pittsburgh Pirates) and Heinz Field (Pittsburgh Steelers), adjacent to Stage AE Amphitheater, and within walking distance to the Rivers Casino, a 450,000 SF entertainment complex
- The asset was previously encumbered by long-term fixed-rate debt through a life insurance company, and IRA recognized an opportunity to leverage its relationship with the seller and negotiate a favorable defeasance penalty as part of the acquisition.
- In addition, IRA recognized an opportunity to capitalize on the long term, investment grade lease in place that was well below market.