Faros Lands $128M for 2 Pittsburgh Office Assets
- Sep 20, 2017
Faros Properties tapped HFF to facilitate financing for two of its Pittsburgh office properties: Nova Place and 106 Isabella. HFF secured a $127.5 million five-year, floating-rate loan through Wells Fargo.
The HFF debt placement team of Executive Managing Director Gerard Sansosti and Senior Managing Director Nick Matt, representing the borrower.
“In a very short time, Faros has transformed a tired office property into a first class mixed-use complex,” Matt told Commercial Property Executive. “Faros has invested significant capital in the property, which has made their original vision a reality. Both existing and new tenants have greatly benefited from their efforts.”
A former urban mall converted to office use in the 90s, Nova Place encompasses three office complexes: Concourse, Tower 1 and Tower 2. Comprising 1,250,702 square feet and a 3,000-space parking garage, the property is currently 86 percent leased and includes 15,000 square feet of ground floor retail. Notable tenants include PNC Bank, Continental Broadband, Union Fitness, Alloy 26, Microbac, Confluence and United Healthcare. Last year, Nova Place received the Wired Certified Platinum Rating by WiredScore, becoming the only building in the city with that designation.
106 Isabella features nine stories comprising 87,052 square feet of office space. The property is currently vacant, according to Yardi Matrix, but future tenants of the building will have access to an on-site cafeteria and fitness center. Originally built in two phases in 1910 and 1920, the asset last underwent cosmetic renovations in 1982.
Nearby attractions include PNC Park, the Carnegie Science Center, Heinz Field, the Warhol and Allegheny River.
Images courtesy of Yardi Matrix