"The sale was driven by a long-term absolute triple-net lease," says STREAM Capital's Phil DiGennaro. "The private buyer was in a large 1031 exchange and was drawn to the company's headquarters location outside of Pittsburgh.”

With job growth comes housing demand and this disparity underscores the fact that regardless of the need for housing that comes with job production, a market can't absorb product that isn't there.

Office tenants and employees are seeking extremely walkable locations with direct access to transit and amenities, and MODA Tower is precisely aligned with these proximity demands.

"It's a carefully calculated risk," Dranoff told GlobeSt.com in 2016. "It's just a bullseye location, you just can't get a better location."