Pittsburgh's US Steel Tower sold for $250M

AP News
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Posted: Apr 18, 2011 7:13 AM
Pittsburgh's US Steel Tower sold for $250M

A deal is in place to sell Pittsburgh's tallest building, the iconic U.S. Steel Tower.

The 841-foot, 64-floor building is home to tenants including University of Pittsburgh Medical Center, PNC Bank and its namesake company, U.S. Steel.

The $250 million agreement transfers control of the building to a New York-based investment group. The sellers say the current building management will stay in place and tenants will notice little difference in the day-to-day operations.

A principal in the new ownership group, Mark Karasick, tells the Pittsburgh Tribune-Review the building is 92 percent occupied and could be fully occupied if UPMC expands.

Area Property Partners acquired the building in 1999 when they bought part of a $265 million mortgage held by GE Capital Corp.