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The Regional Industrial Development Corporation of Southwestern Pennsylvania--known colloquially as the RIDC--is a privately funded non-profit serving the Pittsburgh metropolitan area to focus on a regional approach to economic development primarily through managing and rehabilitating area research and business parks for modern tenants. The RIDC was formed on August 8, 1955 as a non-profit corporation after area business, corporate, government and labor leaders supported a central agency responsible for developing and coordinating efforts to create new employment and economic diversity. As of March 2013 it is listed as the third largest commercial property manager in metropolitan Pittsburgh with 7,400,000 gross leasable square feet, behind only Oxford Development and CBRE Group while surpassing Jones Lang LaSalle.