PITTSBURGH: Pittsburgh’s tallest building is for sale, and it could go for a sky-high price.
Real Estate Alert, a trade publication that first reported the listing, says the 64-story, triangular office building could fetch $350 million. The current owner, 601W Cos., a New York holding company, paid $250 million for the building in 2011.
The owners have spent $60 million upgrading the building and boast two major tenants, the University of Pittsburgh Medical Center, which has corporate offices there, and U.S. Steel.
UPMC has a lease for 962,000 square feet of space through 2030 and has its lighted logo atop the building. U.S. Steel is leasing 270,000 square feet through 2028.
Industry observers say the building’s 87 percent occupancy rate and two major tenants could help it attract $350 million.
Source: AP