HFF obtains $54.65m financing for Pittsburgh office campus
PITTSBURGH, PA – HFF has arranged $54.65 million in financing for the Allegheny Center Office Complex, a three-building campus totaling 1.22 million s/f on Pittsburgh’s North Shore.
Working on behalf of Faros Properties, LLC, HFF placed the three-year, floating-rate loan with Wells Fargo Bank. Loan proceeds were used to purchase the property and make capital improvements.
Allegheny Center Office Complex consists of One and Two Allegheny Square and the Concourse in addition to a parking garage with 2,550 spaces. The eight-story One Allegheny Square has 156,914 s/f, and the 13-story Two Allegheny Square has 265,953 s/f. Tenants include PNC, Bank of America and numerous data center companies. Located along Pittsburgh’s North Shore in the Greater Downtown Pittsburgh market, the property has a Walk Score of 91 and is blocks from the Pittsburgh Light Rail Transit, known as the “T.” Faros is planning significant capital improvements to the complex.
The HFF debt placement team representing the borrower was led by executive managing director Gerard Sansosti, senior managing director Nick Matt and senior real estate analyst Tom Rieck.
“Faros has done a tremendous job with the apartments at Allegheny Center, and their plans for the office portion of the complex are very exciting,” Sansosti said. “They have brought a fresh approach to the Pittsburgh commercial real estate market, and their long-term approach is positive for the assets that they have acquired.”