Keystone affiliate purchases new building in $2.8M deal
One of two office buildings that were once part of the former Ryan Homes headquarters off the Parkway West in Robinson has been sold to a freight and truck fleet management company looking to expand its footprint in the region.
An affiliate of Keystone Dedicated Logistics purchased the four-story, 37,840-square-foot building at 111 Ryan Court along with nine acres of land within the complex from Ryan Court LP. The deal last month was for nearly $2.8 million.
KDL is planning to move its offices from the nearby Carnegie Office Park by late fall. It intends to renovate one of the floors to accommodate its 60 employees.
Ian Tsai, KDL executive vice president, said the move is the first step of a broader expansion with the goal of doubling the number of employees over the next three years. While the company is not sure what it will do with the nine acres of land it purchased, a new building is not out of the question, Mr. Tsai said.
“That possibility is there. We are leaving that option on the table,” he said.
KDL settled on the Ryan Court property because of its closeness to Downtown and its proximity to the parkway. It’s also less than two miles from the company’s current offices.
“It offers a very private, yet easy-to-access, area for our employees, customers, and vendors,” Mr. Tsai said.
Three of the building’s four floors are occupied by two other companies with existing leases, one that runs two more years and one that runs three more.
Mr. Tsai said KDL is planning a “significant” capital investment in the space it will be taking in the building but declined to give an amount.
The sale was handled by the Beynon & Co. real estate and insurance firm Downtown. Robert Beynon, the company’s chairman and CEO, represented KDL and his brother Rich, the firm’s president, represented Ryan Court LP.
Mark Belko: firstname.lastname@example.org or 412-263-1262.