THE DAVIS COMPANIES EXECUTES RETAIL LEASE WITH FRESHII AT THE UNION TRUST BUILDING
Health-conscious, fast-casual eatery to open its first Pittsburgh location at the UTB in fall 2017
PITTSBURGH, PA (June 15, 2017) – The Davis Companies (TDC), the firm responsible for the $100 million redevelopment of the iconic Union Trust Building, has executed an approximately 2,400 square -foot lease with Freshii, a health and eco-conscious, fast-casual restaurant with locations throughout the U.S. and worldwide. The Union Trust Building is a 500,000 square-foot architectural landmark located at 501 Grant Street in the heart of Pittsburgh’s Mellon Square. TDC has redefined the building’s future as a 21st century, LEED® certified, mixed-use retail/office destination with state-of-the-art amenities and original Pittsburgh-inspired works of art.
“We were drawn to the Union Trust Building because of its ideal location that welcomes substantial foot traffic, and the continued interest it attracts from tenants, residents and visitors alike given its storied past and majestic architecture. Having grown up in Pittsburgh, it is amazing to see how successfully The Davis Companies has revitalized the property,” said Freshii Partner Laurie Waller. “We can’t wait to open our doors this fall, and to launch Freshii’s exciting product line along with our full-service coffee bar in collaboration with a local coffee company.”
Making its Pittsburgh debut at the Union Trust Building, the fast-casual eatery aims to make healthy food convenient and affordable. Freshii complements the building’s existing retail tenants, Union Standard, acclaimed Pittsburgh chef Derek Stevens’ debut restaurant, and Eddie V’s, a nationally renowned seafood restaurant.
“We’re excited to provide our tenants and the Pittsburgh community with a healthy dining concept,” said Gary Hofstetter, Senior Vice President of Asset Management at The Davis Companies. “Freshii’s lease reflects TDC’s vision for the Union Trust Building, which includes transforming the local landmark into a premier office and retail setting while preserving its storied past.”
Boasting modern office amenities that appeal to a wide range of tenants from tech-startups to corporate users and other professional service firms, the Union Trust Building offers energy-efficient, Class-A, office, retail and restaurant space; a 5,000 square-foot state-of-the-art fitness center; a newly renovated 70-seat conference facility and 400-seat auditorium, and a 170-space underground parking garage with valet service and onsite bicycle storage. The building is directly adjacent to the Mellon Bank Center light rail public transit stop and numerous bus lines, and easily accessible by public transportation.
Herky Pollock, Executive Vice President and Northeast Director Retailer Services, CBRE, represented the landlord in this transaction; Martin Perry, Managing Director, Newmark Grubb Knight Frank represented the tenant.
# # #
About The Davis Companies
Committed to excellence in both investment performance and operations, The Davis Companies is an integrated real estate investment, development and management firm headquartered in Boston that has invested more than $4 billion in gross asset value through real estate equity, debt, and fixed-income securities. A unique combination of capital markets, development and management expertise allows The Davis Companies to nimbly tackle complex and contrarian opportunities. Directly, and with its valued partners, The Davis Companies currently owns a real estate portfolio of approximately 12 million square feet across the Eastern United States.