The U.S. Steel Tower, a Pittsburgh landmark and tallest building, traded hands this week for $250 million as Area Property Partners sold the property to a New York-based investment group according to a Daily Mail article. Area Property Partners originally acquired the property in 1999 when they bought part of a $265 million mortgage held by GE Capital. Peter Braverman, a shareholder in the buildings' managers Winthrop Management, said that the current building management will stay in place after the transition. "Every new owner tries to improve a building and provide better services, but there are no dramatic plans at this point," Braverman said.
The 64-story building at 600 Grant Street, completed in 1970 and built by U.S. Steel, is 92% occupied with major tenants including the University of Pittsburgh Medical Center, U.S. Steel Corp., and PNC Bank. "We could get to 100 percent (occupation), based on the expansion of UPMC," said Mark Karasick, a principal in the new ownership group. UPMC's renovation of executive and administrative offices at the tower won LEED-Silver certification for energy conservation and environmental design.
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