With no tenants or accurate site drawings – and with all the risks and uncertainties associated with building on property that was once home to thundering steel mills – The Ferchill Group followed its instincts.
Pittsburgh’s efforts to position itself as a technology leader intrigued us, and we embraced the opportunity to create a state-of-the-art technology center within the city.
Shortly after acquiring the land, The Ferchill Group began to solicit financial support. Building a multi-million dollar project based entirely on speculation might make most lenders uneasy about backing the endeavor; however The Ferchill Group lined up a solid group of financial partners and convinced the senior lender to move forward with the project.
In 1998, The Ferchill Group broke ground on Bridgeside Point, a $21.5 million, 153,000-square-foot office building located within the Pittsburgh Technology Center helping to transform the old Jones & Laughlin Steel Mills into a 48-acre hub for innovation and emerging technologies.
Midway through construction, one of the region’s fastest growing biotechnology companies, Cellomics Inc., signed a 15-year triple net lease for its corporate offices, laboratories and assembly space. Three years later, Cellomics was acquired by Fisher Scientific, a diversified, publicly-traded technology firm. In 2005, The Ferchill Group sold Bridgeside Point to Chicago-based Inland Real Estate. Within five years, the speculative Bridgeside Point came full circle – from acquisition and development to lease and sale.
Bridgeside Point represents one of the shining examples of Pittsburgh’s emergence in the medical and technology fields. Its premier wet lab space provided an attractive investment for the region. Essential in biotech hubs, wet lab space allows researchers to test and analyze chemicals, drugs, or other material or biological matter. Such testing requires water, direct ventilation and specialized piped utilities. Wet labs are unique because they accommodate simultaneous and separate ventilation and utility connections at individual lab modules to ensure accurate and reliable results and occupant safety.
|Owner:||Bridgeside Point Associates, Ltd., an affiliate of The Ferchill Group|
|Location:||100 Technology Drive, Pittsburgh Technology Center, Pittsburgh, PA 15219|
|Date of Completion:||October 2002|
|Lease Terms:||15-Year absolute triple net, commencing at completion|
|Tenant:||Fisher Scientific International Inc., as successor-in-interest to Cellomics, Inc.|
|Primary Use:||Laboratory research, testing and development activities relating to manufacture of pharmaceutical research products|
|Sub-Tenants:||University of Pittsburgh Medical Center
Pittsburgh Life Sciences Greenhouse
University of Pittsburgh
|Funding Sources||Senior Financing – $11.3 million
SIF Financing – $2 million
PDF Financing – $1.75 million
URA Land Financing – $700,000
Equity Partner – $4.655 million
Developer Equity – $1 million