“When we set out to redevelop this historic gem in Downtown Pittsburgh, we set high expectations for its outcome” – Jonathan G. Davis, CEO & Founder of The Davis Companies
Execution
Distressed acquisition of iconic downtown Pittsburgh office property for $14MM($30/SF)
Going-in basis significantly below replacement cost and less than prior sale of $24.1MM in 2008
Property approximately 39% leased at acquisition with 193,000 SF Siemens lease expiring May 2019
Market benefitting from growth in Millennials and emerging technology employment driven by Carnegie Mellon and University of Pittsburgh
Building had unique challenges, including shared systems, lack of capital investment, significant office and retail vacancy
