PITTSBURGH — Arkansas-based real estate investment partnership Tempus Realty Partners announced it has bought 1600 Smallman, a fully refurbished redbrick warehouse in the heart of the Strip District.
Tempus announced it paid $43.75 million for 1600 Smallman, a building of more than 125,000 square feet in which the nearly 95,000 square feet of office space is fully leased out to Aurora Innovation Inc. (NASDAQ: AUR), a publicly traded autonomous vehicle company currently closing in on the commercialization of autonomous trucking technology.
“With office valuations currently below even the lows of the Great Financial Crisis, we see a compelling window for strategic investment,” Tempus CEO Dan Andrews said. “As more companies return to in-person work and prioritize high-quality environments for their teams, demand for top-tier office space is clearly on the rise.”
Andrews also revealed 1600 Smallman’s last open retail space will be taken by Design Within Reach, a furniture and accessories retailer with more than 70 stores throughout North America and into Europe.
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