Apr. 19th, 2022 | by Pittsburgh Business Times
The Glenmede Trust Co. has committed to take a nearly 8,000-square-foot office at the Union Trust Building a year after the Philadelphia firm announced it was setting up shop with a Pittsburgh office.
The Davis Cos., which owns Union Trust and has put it through a $100 million renovation, announced the move and that Glenmede’s new lease will start in May.
Founded in 1956, Glenmede serves as the investment manager for the Pew family’s charitable interests, among other clients, offering a full range of investment strategies to a mix of client types, including endowments, foundations and institutional clients. The company also has offices in Ohio, New Jersey, New York, Florida, Washington, D.C., and Delaware.
Mark Busher, managing and regional director for Glenmede, said of the move in a prepared statement:
“We are thrilled to move our Pittsburgh office into the iconic Union Trust Building and look forward to the opportunities this new office space will provide for our team. This move is emblematic of Glenmede’s long-standing commitment to the Pittsburgh community, and we appreciate the Davis team for building offices that are all-around innovative, modern and customizable.”
Glenmede announced its Pittsburgh office in May 2021 after hiring a four-person team from PNC.
The company’s assets under management are $43.5 billion, according to its website. Glenmede serves high-net-worth individuals, families, family offices, nonprofits, foundations and institutional clients.
Glenmede on Monday said it has appointed Kenneth Spruill managing director and team leader of its Center for Family Philanthropy and Wealth Education. Spruill joined PNC in 2001 and held several positions, capped by vice president, philanthropy strategist for the past year, according to his LinkedIn profile, for PNC Private Bank Hawthorn, part of PNC Financial Services Group Inc. He is president of the board of Grantmakers of Western Pennsylvania and serves on the board of Silver Eye Center for Photography.
The center’s mission is to guide families of significant wealth on their journey to purpose and impact and to prepare new generations to steward that wealth. Spruill, who is based in Pittsburgh, will report to Nina Cohen, the center’s director who has led Glenmede’s philanthropic advisory business for more than a decade.
Gary Hofstetter, senior vice president of asset management at Davis, said: “Since its opening in 1917, the Union Trust Building has been a critical landmark and place of gathering for Pittsburgh. It is an honor for the Davis team to be involved in its transformation into a first-class, 21st century mixed-use property, while simultaneously maintaining its historical design integrity. We are thrilled to have Glenmede join our lineup of exceptional tenants in the Union Trust Building and look forward to supporting the Pittsburgh opening of their ninth office in May of this year.”