The document summarizes significant commercial real estate transactions and events in Pittsburgh's central business district in 2017. Key details include the sale of 525 William Penn Place for $67 million and tenants consolidating space. Other major sales included One Oxford Centre for $149 million, One Chatham Center's office portion, and 11 Stanwix for $81 million. Several tenants relocated to new buildings or subleased space, such as McKinsey moving to One PPG Place. New developments included the Distrikt Pittsburgh hotel and parking garages for the former Saks building and Heinz Field.

1. 525 William Penn Place
Purchased by Pearson Partners September
2016 for $67M. BNY Mellon gradually vacating
600k s.f. & consolidating into BNY Mellon
Center & Client Service Center. Citizens Bank
renewed its 147,500 s.f. lease for 7 years.
Pittsburgh CBD Significant Events
Henry W Oliver Building
Margolis Edelstein relocating from 525
William Penn Place in 4Q 2017 & will
occupy 14,600 s.f. on the 11th floor.
US Steel Tower
Building is being marketed for sale by Cushman &
Wakefield. US Steel announced it will remain in the
building with rights to downsize. Red The
Steakhouse slated to open 1Q 2017.
Former Salvation Army Building
Greenway Realty Holdings converting the building
into a 186-room boutique hotel named Distrikt
Pittsburgh. Ready for occupancy by 2Q 2017.
K&L Gates
EDMC marketing all of its space for
sublease making available 117,261 s.f.
One PPG Place
Heinz is marketing the 33rd floor for sublease through 2023.
Industrious (coworking space) & SDLC both subleased
23,664 s.f. from Heinz on 31st & 32nd floors respectively.
McKinsey relocated into 15,000 s.f.
Brickstreet Insurance leased 23,663 s.f.
One Chatham Center
Core Realty purchased the office portion of the 236,105
s.f., 20-story tower. Sale excluded the Marriott City Center
hotel & parking garage.
Nova Place (Formerly Allegheny Center)
Confluence leased 40,867 s.f.
United Healthcare leased 71,500 s.f.
One Oxford Centre
Purchased by Shorenstein Properties
for $149M & undergoing capital
renovations.
Former Saks Building
Construction of the 600-space parking garage underway. Smithfield
Oliver Partners proposing a 161-room hotel & 62 apartments above
garage.
JLL Center
The Hilton Garden Inn opened in
March 2016. JLL occupied 3 floors in
May 2016. McGuireWoods signed
lease for the top 2 floors in 4Q 2017.
Merrill Lynch, Millcraft Investments &
Coury Financial also signed leases.
Union Trust Building
The Davis Companies’ $100M restoration recently completed. First floor retail
restaurants include Union Standard & Eddie V’s.
Blank Rome is new to market & signed lease for 18,000 s.f.
Nokia Alcatel relocating from Commerce Court & will occupy 13,000 s.f.
Marshall Dennehey relocating from US Steel Tower & will occupy 46,000 s.f.
Frost Brown Todd relocating from One PPG & will occupy 17,000 s.f.
Carnegie Learning leased 17,000 s.f.
Six PPG Place
Dinsmore Shohl relocating from
One Oxford Centre & will occupy
29,000 s.f.
North Shore Development
1,000 car parking garage adjacent to Heinz Field under
construction slated to deliver Summer 2017. Rivers Casino
considering hotel development on adjacent owned land. Peoples
Natural Gas replaced Smuckers as anchor tenant with a 135,000
s.f. lease. SAP signed lease for 122,700 s.f. in new building
currently under development.
Liberty Center
CBRE Global Investors, Inc. acquired Liberty
Center in December 2016. Price not disclosed
but CBRE was expected to pay $98M.
The Grand at 5th
400 5th AVE, L.P. purchased the iconic Kauffman’s building.
The building will house apartments, high-end retail & 50k
s.f. office space. Renovations are underway.
912 Fort Duquesne Blvd
4moms is subleasing floors 6-8,
approx. 43,000. s.f.
11 Stanwix
M&J Wilkow purchased building for
$81M in February 2017.
Point Park’s Pittsburgh Playhouse
Will be located on Forbes Ave. & will be a
24/7 operation with 3 different academic
theatre spaces, a sound stage, prop shop &
café.
Former Red Cross Building
Fourth River Development purchased the vacant
40,000 s.f. building for $2.9M with plans to renovate.
They will also occupy 3,000 s.f in building.
420 Boulevard of the Allies
The Art Institute is moving to the Strip District
Q2 2017. The owner, M&J Wilkow, plans to make
capital improvements to the 150,000 s.f.
building.
The Smithfield on Fifth
Building was purchased by
Stark Enterprises January 2017
with plans for retail and office
space.