A five-story Downtown office building dating back to the 1880s and located in the Firstside Historic District has hit the market.
The CBRE real estate firm is offering the AKF Building at 436 Boulevard of the Allies for sale about three years after it was last purchased.
It is being marketed without an asking price.
The real estate last sold in June 2015 to current owner Allies Shane LLC for $1.75 million, according to Allegheny County real estate records. It is assessed at $750,000 for tax purposes.
“It’s a nice little value add deal in Downtown Pittsburgh,” said Kyle Prawdzik, a CBRE vice president who is helping to sell the property.
The building features 35,781 square feet of space, including a 22,458-square-foot parking garage.
Five stories on the side facing the Boulevard of the Allies house the offices, which are about 84 percent occupied with three tenants. Four stories on the back side on First Avenue provide the parking, about 100 spaces in all.
Mr. Prawdzik expects the property to attract the interest of out-of-town investors who have been gobbling up much of the Downtown real estate in recent years, as well as regional and local buyers seeking space in the Golden Triangle.
The building already has been attracting considerable attention in the week it has been for sale. “Anything that we market in Downtown has a ton of interest,” Mr. Prawdzik said.
The property, located near Grant Street and a ramp to the Parkway East, is part of a Firstside Historic District that has seen more activity in recent years.
It sits across the street from the Distrikt Hotel, converted from a former Salvation Army building, and near the 97-room Fairfield Inn and Suites on Fort Pitt Boulevard that is scheduled to open this fall.
The building also is near 1st Ave Lofts, a 35-unit apartment complex that opened last year. Penn Brewery is expected to open a tap room at that location next month.
“It’s the last part of Downtown to be developed,” Mr. Prawdzik said of the area.
The AKF Building itself dates back to the 1880-1899 period. The brick and stone former warehouse was typical of loft buildings during that time, according to the Pittsburgh History & Landmarks Foundation.
Mark Belko: mbelko@post-gazette.com or 412-263-1262.
First Published: August 10, 2018, 1:00 p.m.
