According to published reports, construction cost to date is in excess of $10 million.
Projected sale or lease prices are unavailable, but, according to GlobeSt.com research, the office vacancy rate in the greater Pittsburgh market exceeds 16% and the average asking rental rates range between $18.50 per sf and $19.50 per sf.
"In an ongoing effort to improve efficiencies and better manage our costs, we have determined that moving into a new corporate headquarters is not in the best interest of our company," says president and CEO Denny Watts in a statement. Calling it a "difficult decision," Watts says it would provide additional resources "to funnel back into building our business."
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