The property is un-priced. Given recent comps and investor demanded returns, however, local industry sources tell GlobeSt.com the property is expected to trade at around $75 per sf, or about $35 million, which is what OPERS paid for the building eight years ago, according to public records. The expected sale price translates to a 7.5% initial year cap rate assuming no additional leasing.

Holliday Fenoglio Fowler has the disposition assignment. Offers are due by Friday, Feb. 24. HFF managing director Nicholas Matt tells GlobeSt.com that within the last year OPERS switched asset advisors, going from Sentinel Corp. of New York to Dallas-based Sarofin. Sarofin then switched leasing and property managers, rehiring Grubb & Ellis, which had held leasing and property management assignment for many years until it went to locally based Oxford Development in 2001.

The property is anchored by the Hillman Co., which once owned the building and currently leases 70,000 sf. The lease runs into 2013. Much of the rest of the occupied space is leased by law firms who like the atmosphere in the classic skyscraper and its proximity to the city-county building, which sits next door and houses the court system. The building has five levels of underground parking (222 spaces), one of the few of its vintage that do, and 18,275 sf of retail.

The property is being sold in part because it is OPERS' only Pittsburgh asset and Sarofin doesn't have Pittsburgh as a target market, says Matt. "They believe that while it has suffered recently, someone will like the story, probably an entrepreneurial investor given the market and the lease-up play," he says. "Someone who structures it properly could really drive yield."