Highwoods Properties Acquires PPG Place

PPG Place in Pittsburgh, a six-building Class A office complex, has a new owner this week as Highwoods Properties acquired the property from Mark Associates LP, an affiliate of The Hillman Company, for $214.1 million according to a CoStar Group report. Highwoods will open an office in PPG Place and handle all onsite management functions and CB Richard Ellis will run point on leasing.

"We are thrilled to enter the dynamic Pittsburgh market through the acquisition of the iconic PPG Place office complex," said Ed Fritsch, President and CEO Highwoods Properties. "Pittsburgh has an enviable economy, and is home to eight Fortune 500 companies, two of which are headquartered in PPG Place. Unemployment is equal to that of Washington, well below the national average, and the city boasts a highly skilled, highly dedicated work force."

PPG Place takes up approximately 1.54 million square feet in the heart of downtown Pittsburgh and includes six towers on a three-block site. The buildings were 81% leased at the time of sale with major tenants including PPG Industries, H.J. Heinz, Deloitte & Touche, Morgan Stanley Smith Barney, and Ernst & Young.

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