Bakery Square


Pittsburgh, PA | Core

Total Size: 603,435 SF
Acquired: August, 2016
Operating Partner: Walnut Capital

Overview

Bakery Square is a mixed-use development located in the East End neighborhood of Pittsburgh, created in 2010 by completely renovating the historic Nabisco Factory (Building 1.0) and building an adjacent and connected office building (2.0) in 2016.

Tenants include Google, the University of Pittsburgh Medical Center, CMU Software Engineering Institute, the University of Pittsburgh, Department of Veteran Affairs, Carnegie Mellon University, LA Fitness, TechShop, Anthropologie, and Springhill Suites. Bakery Square building 1.0 is LEED Certified Platinum and building 2.0 is Gold pre-certified.

Bakery Square

Bakery Square

Strategy

Development of new office product, particularly at the scale and size of Bakery Square, is very difficult to achieve in the dense urban fabric of Pittsburgh. As part of the acquisition, Lionstone controls the last office development parcel in Bakery Square to capture future demand. This parcel is adjacent to the newer Bakery Square 2.0 office building, and is entitled/designed for a twin structure totaling approximately 211,000 SF. This additional development parcel adds upside through higher-yielding development, as well as providing an important expansion option for major tenants as they continue to grow.

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