Sale of Union Trust Building completed for $24.1 million
By Sam Spatter
Wednesday, February 6, 2008
The historic Union Trust Building in Downtown Pittsburgh has been sold.
Mika Realty Group of Los Angeles completed the previously announced purchase of the 11-story building from Teal Rock 501 Grant Street LP, a unit of Cigna Corp. of Philadelphia, on Tuesday for $24.1 million.
The purchase, through Mika’s Five 501 Grant St. Partners LLC, was recorded today at the Allegheny County Recorder of Deeds offfice.
The new owner will continue to use the building for offices, plus first floor retail, said Jeffrey Ackerman, commercial real estate broker with CB Richard Ellis/Pittsburgh, who negotiated the sale.
Efforts will be made by Ackerman and Jeremy Kronman, also of CB Richard Ellis/Pittsburgh, to locate tenants for the 800,000-square-foot building which is nearly empty, except for several retail tenants on the ground level.
Previously known as Two Mellon Bank Center, the building was designed in Flemish Gothic style by noted Pittsburgh architect F. J. Osterling and built in 1916 for industrialist Henry Clay Frick.
Sam Spatter can be reached at firstname.lastname@example.org or 412-320-7843.