The Innovation Research Tower
Local real estate firm Walnut Capital Management began construction on the empty properties at Fifth Avenue and Halket Street in Oakland to create a new, state of the art, multi-purpose high rise building, offering extensive laboratory and office spaces as well as street-level retail. Termed the “Innovation Research Tower,” the space will be the first facility designed specifically for innovation and entrepreneurship companies in the Pittsburgh Innovation District.
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Local real estate firm Walnut Capital Management began construction on the empty properties at Fifth Avenue and Halket Street in Oakland to create a new, state of the art, multi-purpose high rise building, offering extensive laboratory and office spaces as well as street-level retail. Termed the “Innovation Research Tower,” the space will be the first facility designed specifically for innovation and entrepreneurship companies in the Pittsburgh Innovation District.
In an article published by the Pittsburgh Business Times, co-founder and CEO of Walnut Capital said in a prepared statement:
"Oakland is the R&D capital of Western Pennsylvania and needs a facility dedicated to supporting the groundbreaking research and investment taking place here, which is why Walnut Capital is committed to building a new tower in the heart of the neighborhood. Our investment here demonstrates our belief in Oakland's unlimited potential. We want to be part of the ongoing renaissance of the cutting-edge, creative and highly innovative work coming out of our world class medical and educational institutions in order to better serve Pittsburgh and the world."
The company describes the new building as multi-purpose, with a mix of laboratory and office space, along with street-level retail. The Innovation Research Tower will feature 10 stories and 280,000 square feet –including 6,200 sq.ft. of retail space and 4,900 square feet of public plaza. The building will include 100 spaces of structured parking and 125 racks for bike parking. This development will add needed density in Oakland, establishing additional office space as more innovation-oriented businesses seek to establish themselves near Pitt, CMU, Carlow University, and UPMC as well as providing room for projects to grow and scale. This space is in the heart of the Pittsburgh Innovation District, making its location ideal for techs and creatives alike.
Demolition of the empty properties began in May of 2020. While construction was delayed at the start of demolition by approximately two months due to COVID-19, Walnut Capital aims to make up lost time and complete the project by summer 2022.