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Walnut Capital Breaks Ground on Innovation Research Tower in Oakland

Walnut Capital Breaks Ground on Innovation Research Tower in Oakland
Shadyside developer, Walnut Capital, is preparing to complete its new, state-of-the-art, multi-purpose high-rise building, called the Innovation Research Tower in 2022.

This space is in the heart of the Pittsburgh Innovation District, making its location ideal for techs and creatives alike. Construction was delayed at the start of demolition by about two months, due to Covid-19, but Walnut Capital hopes to make up lost time and complete the project by summer 2022. 

The Innovation Research Tower will be located in Oakland on the corner of Fifth Avenue and Halket Street. This new building will be 10 stories and about 280,000 sq. ft., including 6,200 sq. ft. of retail space, a 4,900 sq. ft. public plaza, a 100-car garage, and 125 racks of secure, indoor bike parking.

The office project is expected to cost roughly $50 million to $60 million. Developer, Walnut Capital, plans to seek environmentally friendly LEED Gold certification, including many solar panels on the roof to offset energy demand. 

“We really designed this building to be a premier landmark iconic building in Oakland. From the huge solar rays on the roof that will be visible for miles around, to all the glass and great sustainable building materials. Nowadays, people that are creative want to be in great creative spaces. So we think that’s why we designed this building, to be a creative opportunity,” said President and founding partner Todd Reidbord.

Developer, Walnut Capital decided to build this research tower in Oakland, as “Oakland is the center of the knowledge-based economy in Pittsburgh,” says Todd Reidbord. He continues, “With our great universities and Medical centers all concentrated here in this area, we believe we have the opportunity to create additional economic benefits to the entire community by encouraging companies to locate here. I think Pittsburgh can certainly be a world-class center for these kinds of life sciences companies.”

Pittsburgh Innovation District is a knowledge-based economy with universities and medical centers ideal for emerging life sciences companies. The Innovation Research Tower in Oakland will continue to elevate the region as a world-class center for innovative life sciences. 
See the full interview here.
Pittsburgh Innovation District