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Burns Scalo Sees a Rush of Q3 Leases, and Prices are on the Rise

October 14th, 2021 | Burns Scalo Real Estate

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PITTSBURGH, PA – Burns Scalo Real Estate reports that it has inked more than 115,000 square feet in transactions during the third quarter of 2021. With 19 leasing transactions – including new leases, renewals, and expansions – over the past quarter, Burns Scalo Real Estate continues to see steady interest from prospective tenants.

The strong performance in Q3 was driven in part by a flurry of new activity.  Heavy leasing volume plus a pandemic-fueled flight to brand new spaces, combined with limited new luxury inventory, are major factors driving prices upward.

“Real” tenants recognize the flight to quality and newer real estate will be the necessity to welcome employees back to work,” James Scalo, CEO of Burns Scalo Real Estate stated. “All of the senior executives I have been speaking with are anxious to bring their people back to a controlled workplace, and they recognize they must create environments employees WANT to return to.”

"All of the senior executives I have been speaking with are anxious to bring their people back to a controlled workplace, and they recognize they must create environments employees WANT to return to."
James Scalo, BSRE CEO

In July, the activity is the 17,000 SF expansion of BlueSphere Bio – a UPMC Enterprises spin out specializing in rapid, personalized T-cell Therapies for Cancer – at Burns Scalo’s Riviera, Pittsburgh’s only luxury life-sciences building.

August brought the 20,000 SF lease with Allegheny Technologies (ATI) at Burns Scalo’s Vision on 15th, the largest and most exciting mixed-use project in Pittsburgh’s hottest submarket — uniquely positioned at the front door of the Strip District with expansive views of the city and the Allegheny River, a progressive workplace design, and a dynamic neighborhood context.

In September, BSRE signed more than 50,000 SF of leases including, a 23,000 SF deal with Factual Data, Inc. at the recently renovated and highly modernized Foster Zero, and signing premier Pittsburgh home builder, Maronda Homes to a new built-out showroom office in Bursca Business Park.

About Burns Scalo Real Estate

Burns Scalo Real Estate is a luxury real estate firm that manages a portfolio consisting of 5.2 million square feet valued at more than $1 Billion. The organization’s development, brokerage, and management services unify to create spaces people want to come to not just have to. Allowing business owners to attract the brightest talent and giving the brightest talent more of what they love.

Media Inquiries

Chris Bernardi | cbernardi@burnsscalo.com | 412-250-3000




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