The original item was published from January 8, 2021 9:26 AM to January 8, 2021 9:28 AM
Late last month, the entire Cranberry Woods Business Park complex, except for its Westinghouse, MSA and Regional Learning Alliance campuses, was sold to a Pittsburgh-based investment group. Altogether, it included 460,000 square feet of office space, and it sold for $89.5 million. If you do the math, that’s a little more than $185 per square foot. But, according to the Pittsburgh Business Times, the average price per square foot for suburban Class A office space in western Pennsylvania today is just $90, and in downtown Pittsburgh it’s $67. That’s a huge difference, and it didn’t simply happen. Way back in the early ‘90s, our Board of Supervisors worked with MSA on creating the vision for a world-class business park capable of competing with the Carolinas for knowledge-based industries. It became part of our 1995 comprehensive plan. And over the following years, we worked hard to implement that plan. I think it’s fair to say that the recent sale of Cranberry Woods validates the merit of formulating a vision and following it through.