Union Switch & Signal
Property: State-of-the-art 175,000 sq. ft. new facility
Services: Construction & Development Consulting, Negotiation & Financing and Brokerage Services
Highlight: Our end-to-end services helped build a new facility under favorable lease and financing terms at a savings of 25% over Union Switch and Signal’s previous location.
Union Switch & Signal, in a growth mode, did not wish to renew their lease at Pittsburgh Office and Research Park due to escalated rentals and poor floor design. But at that time, there was no existing facility which satisfied their need in the Pittsburgh area.
Pennsylvania Commercial Real Estate, Inc. acted as Development Consultant, directing and negotiating the selection of the architectural firm, the construction company, the construction management team. We handled all aspects of the transaction as well, including negotiations with the Regional Industrial Development Corporation, Urban Redevelopment Authority and state-funding agencies.
The result? A new state-of-the-art 175,000 square foot office building at rates which were 25% less than what they had been paying at Pittsburgh Office and Research Park. In addition, Union Switch & Signal received an option to purchase the building during the term.
Pennsylvania Commercial was subsequently awarded a further assignment to recast the lease and refinance the first mortgage. Favorable lease and finance terms were achieved. Please contact Rick Moss, former Treasurer, now Treasurer of Sealy, Inc. at (336) 861-3724 for a recommendation.