The Davis Companies Welcomes Nokia to Downtown Pittsburgh’s Landmark Union Trust Building

Global tech giant to join Blank Rome, Novitas Solutions, Amec Foster Wheeler, Truefit, Eddie V’s and Union Standard at  Mellon Square’s prized architectural icon

PITTSBURGH – May 31, 2016The Davis Companies (TDC) announced today that it has executed a 14,000-square-foot lease with Nokia, the first mass producer of the cellphone and a global leader in technology services, at the historic Union Trust Building. Located on the eighth floor, Nokia’s office will feature an enterprise technology development lab, as well as corporate office space. TDC is investing approximately $100 million to renovate the Union Trust Building – an architectural icon located at 501 Grant Street overlooking Pittsburgh’s Mellon Square. TDC’s restoration, designed by Elkus Manfredi Architects, brings modern amenities to the building, while celebrating its original splendor. When completed this summer, the Union Trust Building will be a lively hub and downtown destination with social gathering spaces, contemporary offices, prime retail and restaurants, and top-tier amenities.

“Following the intensive redevelopment it’s just undergone, the Union Trust Building is now an ideal home for a technology pioneer such as Nokia,” said Jonathan G. Davis, CEO and founder of The Davis Companies. “Our vision for the Union Trust Building was that it should be the ultimate combination of historic architecture and 21st century amenities. We are enormously gratified that so many exceptional tenants have already understood and embraced the unique opportunity that the building will provide.”

“The Davis Companies has done an incredible job of modernizing this major Pittsburgh landmark while preserving its historic integrity,” said Jason Hamilton, Senior Director in the Global Program Management Office at Nokia. “We look forward to joining the dynamic tenant roster at the Union Trust Building and creating our new Pittsburgh home.”

Nokia joins Truefit, a Pittsburgh-based software technology innovation firm; Blank Rome, an international, multi-disciplinary law firm; Amec Foster Wheeler, a global engineering and project management firm, and Novitas Solutions, a medical payments processing firm at the Union Trust Building. Union Standard, Pittsburgh Chef Derek Stevens’ first solo restaurant venture, and Eddie V’s, a nationally renowned seafood restaurant, are also coming to the building’s ground floor. Union Standard will be a vibrant and inviting space, designed to combine the comfort of a home-cooked meal with the elegance of a special occasion, while Eddie V’s will provide guests with an unparalleled fresh and elegant dining experience.

Constructed in 1917 by the industrialist Henry Clay Frick, the Union Trust Building’s ornate Flemish-Gothic design makes it one of the most prominent pieces of the city’s architectural heritage. The fully updated property, which is being renovated as a Certified Historic Rehabilitation under the demanding standards of the U.S. Department of the Interior, will boast nearly 500,000 square-feet of Class-A retail, office, tech-startup and amenity space, offering tenants a dynamic, modern work environment in the heart of Pittsburgh’s newly reinvigorated downtown area. TDC has repositioned nearly 40,000 square-feet of ground-level retail space to establish an indoor and outdoor environment lined with restaurants, cafes and coffee shops for tenant and public use. TDC is also building a 190- space underground parking garage with on-site bicycle storage, as well as a 5,000-square-foot, state-of-the-art fitness center. The building’s 80-seat conference facility and 400-seat auditorium are both being completely renovated and brought to 21st century standards. The building is directly adjacent to the Mellon Bank Center light rail public transit stop and numerous bus lines, so it is easily accessible by public transportation. Centrally located in Mellon Square, it is also surrounded by boutiques, eateries, residential properties, hotels and parks.

The Davis Companies was represented in the transaction by Jason Stewart, Executive Vice President at JLL. Nokia was represented by Jamie Pivarnik, First Vice President at CBRE.

About Nokia
Nokia is a global leader in the technologies that connect people and things. Powered by the pioneering work of Bell Labs, our research and innovation division, and Nokia Technologies, we are at the forefront of creating and licensing the technologies that are increasingly at the heart of our connected lives.

We combine global leadership in mobile and fixed network infrastructure, with the software, services, and advanced technologies to transform how smart devices and sensors tap the power of connectivity. With state-of-the-art software, hardware and services for any type of network, Nokia is uniquely positioned to help communication service providers, governments, and large enterprises deliver on the promise of 5G, the Cloud and the Internet of Things.

Serving customers in over 100 countries across the world, Nokia is driving the transition to smart, virtual networks and seamless connectivity by creating one, single network for all services, converging mobile and fixed broadband, IP routing and optical networks, with the software and services to manage them seamlessly. Our research scientists and engineers continue to invent and accelerate new technologies that will increasingly transform the way people and things communicate and connect: 5G, ultra-broadband access, IP and software define networking, Cloud applications, IoT and security platforms, data analytics, as well as sensors and imaging.

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 $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.

Contact: Lauren Michaels
617-533-5014
lmichaels@solomonmccown.com