After acquiring 11 Stanwix, Chicago firm owns side-by-side skyscrapers Downtown
February 16, 2017 12:12 AM
The former Westinghouse building at the corner of Fort Pitt Boulevard and Stanwix Street, Downtown.
By Mark Belko / Pittsburgh Post-Gazette
A Chicago real estate company has landed another high-profile property Downtown.
M&J Wilkow, as part of a joint venture with DRA Advisors, completed its acquisition Wednesday of 11 Stanwix St., a prominent 23-story office building that once housed Westinghouse Corp.
Marty Sweeney, M&J Wilkow vice president, declined to disclose a sales price. The seller, Munich-based GLL Real Estate Partners, paid $66.6 million for the building in 2011. The price that the new owners paid is believed to be about $81 million.
The acquisition gives M&J Wilkow side-by-side skyscrapers overlooking the Monongahela River. The firm also owns the 22-story 20 Stanwix Street office building directly across from 11 Stanwix.
Mr. Sweeney said the two buildings collectively represent 900,000 square feet of Class A office space and give the firm the opportunity to create unique synergies between them.
He called 11 Stanwix an “iconic property” with strong tenants and a parking garage that provides a stable source of income. The building is now 84 percent leased.
GLL Real Estate, the former owner, took very good care of the building, Mr. Sweeney said. M&J Wilkow plans to take it “to the next level” with improvements to common areas, the fitness center and main lobby.
The acquisition is the Chicago firm’s fourth Downtown. It also owns the Art Institute of Pittsburgh building on the Boulevard of the Allies, which it bought for $9.9 million.
It also purchased the former Federal Reserve Bank on Grant Street, which it then sold to St. Louis-based Drury Hotels. That is now the site of a 207-room hotel.
Mr. Sweeney said M&J Wilkow keeps investing here because there’s a lot of activity Downtown, and the Pittsburgh economy is doing well. He said the pricing is attractive compared to larger cities such as Chicago, Boston and San Francisco.
M&J Wilkow also owns the Waterfront retail complex in Homestead; the Plaza at the Pointe in North Fayette in conjunction with Alto Fund II; Penn Center East; and 275 Technology Drive in Canonsburg.
In all, it controls 3.5 million square feet of shopping center and building space. And it may not be finished.
“We’re always interested in finding good opportunities,” Mr. Sweeney said. “I wouldn’t be surprised if we continue to grow our portfolio.”
Mark Belko: firstname.lastname@example.org or 412-263-1262.
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