Located at 345 4th Ave. near the city’s cultural district and several universities, the 13-story former office building was converted into residential units in 2007. The 42,525-square-foot building offers tenants river views, ground-floor retail and 41 newly renovated apartments. The property is currently 93 percent leased.
The three-day online auction begins Nov. 4 and the asset has a starting bid of $1.25 million.
“The Standard Life Building is unlike any other property in downtown Pittsburgh,” said Rick Sharga, executive vice president of Auction.com. “The building’s current popularity, combined with its iconic status in Pittsburgh makes this a unique opportunity for the right kind of investor.”
Designed by the era’s top local architectural firm Alden & Harlow and completed in 1902, the building was once the financial district’s tallest structure. The office building was renovated for residential use in 2007 and upgraded again in 2014. The most recent round of capital improvements included upgrades to individual units and a ground floor designed for new retail tenants. Two of the property’s three retail spaces are leased.
“There is a strong demand for residential units in Pittsburgh’s core downtown area, where we’re seeing a resurgence of activity in the historic financial district,” said Richard Beynon, president of Beynon & Co. “Combined with its exuberant classical detailing and its prime location within the Golden Triangle, the Standard Life Building is one of the few buildings in Pittsburgh that offers the early American charm and residential space with proximity to nearby major companies, parking, retail and restaurants, city landmarks and universities. Interest in this property so far has been very strong.”
The online auction is backed by Auction.com’s extensive marketing program and leading online platform, which bring together sellers and qualified buyers through a highly transparent process. As a result, both sellers and potential buyers benefit from a timely sale that sets a fair market value for the property.
Property tours are available upon request. Bidders must register at www.auction.com and provide a $25,000 deposit and proof of funds.