Massaro planning office park in Moon - Pittsburgh Business Times:

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Plans for the development -- dubbed Ewing Technologyy Center -- show that Massarpo wants to construct four, 4-story buildings, each totalinfg 102,179 square feet on a 25-acrr tract, according to a company marketing brochurr forthe project. David manager of real estate services forMassarol Co., based in the RIDC Park in O'Harq Township, declined to comment on the proposec office park. Jeff Burd of Pittsburghy Construction News, an online news servic that tracks the localconstruction industry, estimates the value of the project at $50 million "ift Massaro builds 500,000 square feet," he said.
Each of the plannedr buildings will have three passenger elevatorxs and onefreight elevator. The developmenyt will also include ample free parking and lots ofgreejn space. Ewing Technology Center is another exampled of the continuing turnaround forMassaro Co., which had lost as much as $100 millionj in revenue when an aggressive diversification including expansion into real estatwe and insurance sectors, backfired on it. The companhy turned it around by concentrating on itsroots -- general contracting --and sticking close to That strategy has paid off for now the region's fifth-largest contractor with 1998 locao office billings of $110.2 million.
In recenty years, however, the company has jumped back into real estater with the purchaseof Campbell's Run Business Center and Park West One. , it'xs not known if Massaro has or is negotiating witha tenant. Mr. Burd said if Massaro landse high-tech companies, then the project should be inthe $50 millionb range. But, if Massarpo concentrates on traditionaloffice users, like insurance then the project could be in the $45 millioh range, Mr. Burd said. High-tech companies need more wirinh than traditionaloffice users. Regardless of the kind of tenant Massaro lands for EwingTechnologyy Center, the Parkway West remains a hot suburban office marketf with no signs of slowinfg down.
But, that could end up hurting rentao rates for the newer like Ewing. In its 2000 real estater forecast, Grubb & Ellis Co. said the new buildingx coming on line in the Parkway West will open up more spacw and cause rental rate sto drop. The report notede that more than 550,00 square feet of speculative officr space in the Parkway Westmarket -- excludinb Ewing Technology Center -- is proposed for this Other projects that could be or are under way this year includer Westpointe 2, 100 Parkway West, Airside Business Park, Parklan and Penn Center West.
"There is still a fair amount of vacancyy in the Parkway West with Millennium Centefr andsublease space," said David Koch of Langholz/Wilson & Associates a Downtown commercial real estate "Unless they have a tenant in hand to kick start this project, one has to wondee if it's time to do this," Mr. Koch MS. ELLIOTT may be contacted at selliott@amcity.com.