The Union Trust Building

PITTSBURGH, PA
SF: 460,767 · Fund II

Opportunity

“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

Overview

The Davis Companies has completely restored and upgraded the 100-year-old Union Trust Building with efforts that exceed over $100 million. In Fall of 2019, The Union Trust Building is set to host a prestigious class of national tech and law firms who will occupy 400,000 SF of office space and will host A1 grade, premier retailers who will occupy 40,000 square feet of space and offer six unique dining experiences.

Value Creation Strategy

"Originally commissioned in 1915 by industrialist Henry Clay Frick, the historically significant office building is situated in the heart of downtown Pittsburgh’s Mellon Square, a submarket which has experienced strong fundamentals and diverse economic drivers. Listed on the National Register of Historic Places, the building originally contained a four story retail arcade and includes an open atrium rising more than 11 stories to a stain-glass central rotunda. The business plan was to reposition the well-located, downtown building into a modern, Class A, LEED certified mixed-use retail/office building that offers tenants a work/play environment. The Davis Companies transformed nearly 50,000 square feet of ground-level retail space, which now offers an indoor and outdoor environment lined with restaurants and cafes, and upper floors, including a new 5,200 square foot fitness center, 400,000 rentable square feet of modernized office space, an auditorium with 375 seats, a tiered lecture hall with 75 seats, and a new 190-space underground parking garage. Since acquisition, The Davis Companies has leased over 332,000 SF (297,745 SF office and 34,541 SF retail)."

The Union Trust Building News