4C — January 16 - 29, 2015 — Pennsylvania — M id A tlantic
Real Estate Journal
www.marejournal.com
P ennsylvania
Jason Stewart of JLL represents The Davis Companies in both transactions The Davis Companies secures first leases for more than 30,000 s/f at the Union Trust Building
ITTSBURGH, PA — The Davis Compa- nies , an integrated real estate investment, development and management firm, has an- nounced their first leases at the landmarkUnionTrustBuilding in Pittsburgh since acquiring the building inApril. TheDavis Companies is currently in the process of restoring and reha- bilitating the historic building for the demands of the 21st century workplace –where em- ployees can enjoymodern class- A space and shared amenities in a changing neighborhood full of work/live/play options. P
These two transactions total more than 30,000 s/f and bring technology companies Jawbone and Truefit to the vibrant Mel- lon Square neighborhood. “We are thrilled to have these two exciting, innovative com- panies embrace our vision for a robust, new community at the Union Trust Building. Down- town Pittsburgh is undergoing a powerful revitalization and has much to offer employers and employees alike,” said Jonathan Davis , CEO and founder of The Davis Compa- nies. “As adeveloperwitha long history of adaptive reuse and
historic rehabilitation projects, and as a Pittsburgh native, the opportunity to transform this iconic building into a first-class 21st century workplace and to closely collaborate with Mayor Peduto and his administration to draw growing businesses downtown was irresistible.” New tenant Truefit, a Pitts- burgh-based software technol- ogy innovation firm, has signed a lease to relocate its headquar- ters downtown fromCranberry, and moved into the building on December 1, 2014. “For years, we have been exploring a vision for a central
downtown location where in- novative companies would col- laborate on breakthrough new products. That dream is finally becoming a reality at theUnion Trust Building,” said Darrin Grove, CEOand founder of Tru- efit. “We look forward tohosting local startups and enterprise companies, as well as our cli- ents from around the country to work with us here and to be part of what is happening in Pittsburgh.We are excited to be moving to the city and helping to launch this initiative.” Jawbone, a world-leader in consumer technology andwear-
able devices, moved into the property last month. “We’re really excited to be part of this new development, in the heart of a historic and re- vitalized downtown, and proud to include Pittsburgh as one of Jawbone’s locations. Pittsburgh is a great city that stands as the hub of a region that is strong in technology development, entrepreneurship and most importantly – amazing talent. This is something we – first as BodyMedia, and now as Jaw- bone – have continued to lever- ageaswegrowourbusinessand create great newproducts,” said Ivo Stivoric, vice president of research and development and Pittsburgh lead at Jawbone. Constructed in 1917 by the industrialist Henry Clay Frick, The Union Trust Building is lo- cated in the heart of downtown Pittsburgh’s Mellon Square. The building’s exquisite Flem- ish-Gothic architecture makes it one of themost prominent ele- ments of theCity’s architectural fabric. The Davis Companies is focused on a historically re- sponsible and transformational rehabilitation of the property. Upon completion of renova- tions in the first quarter of 2016, the property will boast more than 500,000 s/f of class-A retail, office, tech-startup and amenity space. Surrounded by boutiques, eateries, residential properties, hotels and parks, theUnionTrust Building offers tenants convenience at their fingertips. As part of this transforma- tion, The Davis Companies is repositioning nearly 40,000 s/f of ground-level retail space to establish an indoor/outdoor environment, linedwith restau- rants, cafes and coffee shops for tenant and public use. They are also planning an underground parking garage and secure on- site bicycle storage. Premium tenant amenities, including a 5,200 s/f fitness center and 12,600 s/f of highly improved conference and lecture facili- ties, providing seating for up to 350 people and 75 people in two different spaces, will be offered as well. The Davis Companies was represented by Jason Stew- art , executive vice president at JLL , in both transactions. Truefit was represented by Bill Leone , currently senior vice president at JLL. Jawbone was represented by Brad Totten , senior vice president and Principal at Avison Young . n
RECENT SUCCESSFUL CLOSINGS
New Construction Multi- Family - 32 Trappe, PA
Multi-Family - 153 Units Wilmington, DE
Multi-Family - 157 Units Philadelphia, PA
RRA Closed on 590+ Units Totaling $39,423,500 in Consideration in Q4 2014.
Corey Lonberger, Managing Partner corey@rittenhouserealty.com
Mark Duszak, Director mark@rittenhouserealty.com
KenWellar, Managing Partner ken@rittenhouserealty.com
Multi-Tenant Office Refi Ft. Washington, PA
Cash Out Refi. Multi-Family Philadelphia, PA
90 Unit Multi-Family Refi Pottstown, PA
RCA Sources Financing for the Full Range of Commercial Real Estate Asset Types: Retail, Office, Industrial, Healthcare, Hospitality, Multi-Family, Development, Special Purpose, Senior Apartments, Student Apartments, Mixed-Use & More!
George Johnson, President & CEO george@rittenhousecapital.com
Eric Vogel, Sr. Underwriter eric@rittenhousecapital.com
Joe Hanuscin, Sr. Client Manager joe@rittenhousecapital.com
For information visit www.RittenhouseRealty.com or call (215) 454-2852
Made with FlippingBook - Online catalogs