Oxford Development closed today on the sales of its 1.1 million square foot flagship office, One Oxford Centre in downtown Pittsburgh. San Francisco-based Shorenstein Properties is the new owner of One Oxford, which should expect to see some significant renovations during the next year or so.

The sale brings back the memory of one of the biggest gambles taken on commercial real estate in Pittsburgh. When Eddie Lewis pushed ahead with construction of One Oxford in 1980, the project was 100% speculative. The building opened at the end of a deep national recession and the beginning of the collapse of steel manufacturing in Western PA. It was a tribute to Lewis’ optimism and tenacity that the project succeeded. Many developers in other cities met with disaster on similar projects at that time.

Oxford is in the midst of a flood of development activity in Pittsburgh as 2016 begins. Construction on the Hub at 3 Crossings is about to begin as work is well underway on the 2555 Smallman Street office building.

The developer selected A. Martini & Co. this week as contractor for its 99-unit Craft Place Apartments in Oakland.