Construction on PNC Financial’s $400M HQ to Begin

by Adriana Pop, Associate Editor Demolitions of nine buildings in the east block of Wood Street clear the path for the construction of PNC Financial Services Group’s $400 million headquarters. The 33-story office tower will be located on the Southeast corner of Fifth Avenue and Wood Street, the same Pittsburgh intersection where PNC has been [...]

by Adriana Pop, Associate Editor

Demolitions of nine buildings in the east block of Wood Street clear the path for the construction of PNC Financial Services Group’s $400 million headquarters. The 33-story office tower will be located on the Southeast corner of Fifth Avenue and Wood Street, the same Pittsburgh intersection where PNC has been headquartered for more than 150 years.

Last year, the company announced its plans to build the world’s most environmentally friendly skyscraper. At approximately 800,000 square feet, the Tower at PNC Plaza will be built according to LEED standards. The office tower will include 300 underground parking spaces, street-level retail and green rooftops. It will also feature a double-glass facade to enhance energy efficiency by allowing natural airflow to the building and reducing the need for artificial light during the day.

According to the Pittsburgh Post-Gazette, the company’s new headquarters should be ready for occupancy by June 1, 2015. Construction is expected to create 2,500 jobs, with 500 workers at a time on the site during peak periods.

In regional news, the Commonwealth Financing Authority has approved $1.9 million in financing for the construction of a 90,000-square-foot Class A office building in Cranberry Township. Development Capital Investors Inc. has secured the loan on behalf of Cranberry Crossroads LP, the Pennsylvania Department of Community and Economic Development (DCED) announced.

The project will be developed by The Elmhurst Group on a six-acre parcel situated in close proximity to the Cranberry Commons Shopping Center, Westinghouse Electric Company and a Marriott Hotel. According to DCED Secretary C. Alan Walker, the region’s increased shale gas activities make this an ideal location for energy companies searching for office space in the Pittsburgh area.

The financial support for the development of the three-story facility has been approved through Building PA, a program that provides mezzanine financing to help grow and diversify the regional economy of small- and mid-sized communities. Construction is expected to create at least 300 jobs.

Photo credits: https://www.pncsites.com