June 20, 2019 08:00 AM Eastern Daylight Time
NEW YORK--(BUSINESS WIRE)--Next Tier Connect, an investment partnership between Next Tier HD and RedBird Capital Partners have acquired a 505,000 square foot mission critical mixed-use campus in Monroeville, PA. The campus served as the former Westinghouse Nuclear headquarters and is located at 4350 Northern Pike in Monroeville, PA, a suburb of Pittsburgh.
The property is the first acquisition by Next Tier Connect following the recent formation of the investment platform focused on acquiring, optimizing and managing a diversified national portfolio of select real estate and mission critical properties.
The Monroeville property will be repositioned and re-branded as “Next Tier Connect – Pittsburgh East.” The property is currently leased to several recognizable Fortune 500 companies for office, call center, business continuity, and data center spaces.
"We look forward to executing on our expansion into the Pittsburgh market through the acquisition of this premier property. This is a world-class mixed-use mission critical campus, which we look forward to restoring to its prior iconic state,” said David Spiewak, Next Tier’s Managing Principal. “The acquisition represents the type of high-quality campuses the Next Tier Connect platform endeavors to own, operate and grow.”
Next Tier Connect at Pittsburgh East; Acquisition Highlights:
505,000 square feet in two towers connected by a common entrance
Approximately 206,000 SF of contiguous space available on floors 2-4 of the East Tower
Hands on experienced ownership
Multiple fiber provides within facility including dark fiber
Shipping/receiving area with three loading dock doors with levelers
On-site Duquesne Light underground sub-station with dual feeds from diverse routes
Five (5) MW standby generator plant to support tenant business functions and 400 kW emergency diesel generator for critical life/safety functions
New leases have been signed post acquisition
About Next Tier HD
Based in New York, NY with offices in the Washington DC area as well as West Palm Beach, FL, Next Tier HD is among a small group of premier investment, management and services firms that focus primarily on Mission Critical Real Estate and Data Centers. The Company was formed in 2012 and is led by James Coakley, Kevin Reardon and David Spiewak. Next Tier brings a unique mix of experience and expertise to focus on creating outsized value in all aspects of its opportunistic business strategy.
About RedBird Capital Partners
RedBird is a principal investment firm focused on providing flexible, long-term capital to help entrepreneurs grow their businesses. Based in New York and Dallas, RedBird seeks investment opportunities in growth-oriented private companies in which its capital, investor network and strategic relationships can help business owners achieve their corporate objectives. Since its inception in 2014, RedBird has led over $2 billion of equity and co-investments, connecting patient capital with business founders and entrepreneurs to help them outperform operationally, financially and strategically. For more information, please go to www.redbirdcap.com