Downtown Pittsburgh Union Trust Building sale in two months
January 14, 2014 9:47 PM
The Union Trust Building
By Mark Belko / Pittsburgh Post-Gazette
The Union Trust Building, one of Downtown's most prominent properties, is scheduled to be sold at a sheriff's sale March 3.
A representative for the Allegheny County sheriff's office confirmed Tuesday the new date for the sale.
Lender S.A. Challenger won the right to proceed with the sale last month when Sheri Bluebond, a U.S. bankruptcy court judge in Los Angeles, lifted the stay that had prevented it from going ahead.
She did so at the same time she dismissed the bankruptcy case involving 501 Grant Street Partners, the building owner and debtor in the case. She acted after 501 Grant Street Partners withdrew a Chapter 11 plan of reorganization without explanation earlier in December.
The sheriff's sale of the Union Trust Building initially had been scheduled for this month, but S.A. Challenger filed a motion asking that the sale be rescheduled to March 3. The lender was assigned the building's mortgage by U.S. Bank.
In its motion, S.A. Challenger said it needed more time to provide notice or to pursue other marketing or sales options regarding the property, which has a high vacancy rate and has fallen into a state of disrepair.
U.S. Bank won a judgment totaling $41.4 million against 501 Grant Street Partners in 2012, triggering foreclosure proceedings.
Two subsequent bankruptcy filings staved off a sheriff's sale.
The building opened in 1917 with a four-story, 240-shop arcade on lower levels and 700 offices above. It is now mainly office space with first-floor retail.
Mark Belko: email@example.com or 412-263-1262.
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