Bridgeside Point II is a five-story, 160,000 s.f. wet lab research building developed by The Ferchill Group and owned by BPA II, a partnership between The ERECT Funds-Equity II and an affiliate of The Ferchill Group. The building is located at 450 Technology Drive, in the Pittsburgh Technology Center. Total development cost of the speculative laboratory building exceeded $60.0 million.
Commencing in 2006, following the sale of its first project in the Pittsburgh Technology Center, The Ferchill Group undertook development of Bridgeside Point II. In addition to the success of the first project, the decision to develop also was supported by a then-recent report, commissioned by the Urban Redevelopment Authority of Pittsburgh, indicating that the City of Pittsburgh would require approximately 1 million square feet of laboratory space in the next 10 years. After closing financing for the project from First National Bank of Pennsylvania (via Port of Pittsburgh Commission bonds), Strategic Investment Fund, Development Capital Advisors and the Urban Redevelopment Authority, BPA II broke ground for the new building in November 2007. Strada and Payette Associates are project architects; Turner Construction Company serves as the general contractor.
BPA II began negotiations with the University of Pittsburgh’s School of Medicine in the summer of 2008. The University agreed to a ten-year lease of the entire 160,000 s.f. in July 2009. The top four floors of the five-story structure houses research activities from the School of Medicine; more specifically the Department of Orthopaedic Surgery, the McGowen Institute for Regenerative Medicine, the Department of Microbiology and Molecular Genetics, and the Department of Psychiatry. The first floor contains a core research facility utilized by all occupants.
|Owner:||BPA II, Ltd., an affiliate of The Ferchill Group|
|Location:||450 Second Avenue, Pittsburgh Technology Center, Pittsburgh, PA 15219|
|Date of Completion:||September 2009|
|Lease Terms:||10-Year absolute triple net|
|Tenant:||University of Pittsburgh of the Commonwealth System of Higher Education
Pittsburgh Tissue Engineering Initiative, Inc.
|Primary Use:||Medical research labs and administrative offices|
|Funding Sources||Senior Financing – $43.2 million
SIF Financing – $3 million
DCI Financing – $7.25 million
URA Financing – $510,000
Equity Partner – $6.439 million
Developer Equity – $1.132 million