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Daily News: Thursday 11/21/19

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Pittsburgh’s Historic Union Trust Building To Be Sold After $100 Million Renovation 

Following nearly $100 million in renovations, the historic Union Trust Building in Downtown Pittsburgh will be put on the market. The 11-story tower was purchased most recently by The Davis Companies, a Boston-based firm. In the 5 years since, they gave increased the building’s office occupancy rate from 39% to 85%, as well as added state-of-the-art amenities including fitness centers, conference rooms, and a 190-space parking garage.


Ponte Gadea Acquires 388,900 SF Of Seattle Office Space For $415 Million

Ponte Gadea, a Spanish real estate investment firm, has recently acquired 388,900 square-feet of Class-A office space in Seattle for a price of $415 million. The property has an LEED Gold energy certification, a rooftop terrace, bike lockers, a cafe, and 4,800 square-feet of retail space on its ground floor. The property’s largest current tenant is Facebook, which has been in a lease agreement in the space since 2017. 


Downtown St. Louis Gets $260 Million Class-A Office Building 

Following a partnership between the St. Louis Cardinals and The Cordish Companies, the first office building to be constructed in downtown St. Louis in more than a decade is finally open. The 11-story Class-A property, named The PwC Pennant Building, came at a price of more than $260 million and features street-level retail space, modern office amenities, and more than 460 parking spaces.


Brentwood, CA To Be Site Of Over 800,000 Square-Feet Of New Office Space

GPI Cos., based out of Brentwood, CA, has secured $120 million for its West End project, a $180 million redevelopment of a former Macy’s into office space. Once completed in 2021, the site of the former department store will contain 230,000 square-feet of office space. The building is directly next to One Westside, a similar redevelopment that is expected to contain 584,000 square-feet once completed in 2022. 


Stonecrest, GA Spends $5 Million To Acquire New Buildings For New Government Facilities

The city of Stonecrest, GA, the newest city in DeKalb County, has spent more than $5 million to acquire multiple buildings, including an old Sears facility and an old Sams’ Club. The city has also budgeted $1 million for the renovation of the Sams’ Club. The city hopes to turn the Sears into a public safety center, police housing units, and a municipal court. The city also hopes to convert the Sams’ Club into a City Hall. 


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