A Houston, Texas-based oil and gas company is relocating its Pittsburgh offices.
Coterra Inc. has signed a lease with NAI Burns Scalo to take 36,220 square feet of space in the new Diamond Ridge office building in Moon Township.
The company is scheduled to move into the top floor of the five-story building next Sept. 1. Its Pittsburgh office is now located at 2000 Park Lane in North Fayette.
“We are thrilled to take this next step at Diamond Ridge, where our commitment to innovation and collaboration can flourish in a state-of-the-art environment,” said Andrea Alexander, Coterra senior vice president and chief human resources officer.
Diamond Ridge 1 is the first of three office buildings NAI Burns Scalo has planned at the sprawling 70-acre site, which at one time was to serve as the regional headquarters for Chevron before it scrapped the project.
Jim Scalo, CEO of NAI Burns Scalo, said the Coterra lease is the third it has negotiated for space in the 170,000-square-foot office building.
It also has landed Assured Partners, which is taking 19,000 square feet, and Edgeworth Security, which will have about 25,000 square feet. The building, which has just been completed, is about 45% leased overall.
Mr. Scalo said he is pleased to be at that point in the leasing. He’s optimistic about being able to fill the building, noting that he has sensed an uptick in demand recently.
“We’re seeing great demand throughout the portfolio. It’s all come within the last quarter. We expect that wave of demand to continue through next year.” he said.
Mr. Scalo has been a proponent of new office construction in light of the COVID-19 pandemic. He has argued that “new office wins,” meaning that the buildings with the latest amenities and technology will be able to recruit tenants far more easily than older structures.
That especially will be the case as more and more employees return to the office after working from home during COVID, he said.
“The return to office is on. It is happening. Everybody wants to upgrade their office space,” he said.
The Diamond Ridge development features amenities like fishing ponds, an outdoor mile-long walking trail, pickleball court, outdoor meeting space, and spaces for food trucks. Inside the Diamond Ridge 1 office building employees have access to fitness and conference centers.
There are no plans right now to start the other two office buildings, each of which will be about the same size as the first. Mr. Scalo said he wants to wait until the first building is about 70% leased and interest rates come down. He hopes to be able to start another in about a year.
Diamond Ridge also features about 300 rental units and about 400 single-family homes and townhouses on its campus, which at one point also housed a Kmart store.
First Published: October 23, 2024, 8:46 p.m.
Updated: October 24, 2024, 3:25 a.m.
