July 5, 2016

King Penguin Acquires Centre City Tower

After signaling that it was buying the building in April, New York-based King Penguin Opportunity Fund completed the transaction of the 362,000-square-foot office building, Centre City Tower, on Smithfield Street downtown at the end of June. The 26-story, 4-Star office tower was built in 1971 on one-third of an acre in the city's CBD submarket. The sale price was expected to be $21.5 million.

The property was bought by a third fund of King Penguin and marks the company’s third buy in downtown Pittsburgh, following earlier deals to buy the Lawyers Building, since re-branded as The Pittsburgher, and the Allegheny Building.

Edward Rivadeneira, a principal for King Penguin, said the company plans to make renovations on the 26-story building, which he added is about 80 percent leased.

REalta Group handled the Sale for the Seller and Gregory Broujos with Colliers International | Pittsburgh represented the Buyer.

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