German firm buys 11 Stanwix for $66.7 million (Pittsburgh: real estate, foreclosure, transfer)

[BrianTH]

This news is a few days old, but I just tripped over it. A couple articles:

11 Stanwix Street Building sold to multinational company - Pittsburgh Tribune-Review

11 Stanwix Street tower sold for $66M | Pittsburgh Business Times

It looks like this was a big financial win for Rugby Realty, who acquired the building in 2008 through a deed-in-lieu-of-foreclosure. The building was losing tenants and in need of renovation, then Rugby invested millions and occupancy got up to around 95%. It is also a win for the city, school district, and state, because in this transaction they are actually getting transfer fees. Finally, this is the first investment in Pittsburgh for the new owners, GLL Real Estate Partners, based in Munich. As touched on in the articles, hopefully this is a sign that Pittsburgh is starting to get more attention from such investors.

[rhondee]

Thanks for sharing Brian. Yes it is good news that foreign or multinational investors are buying here, and hopefully is a sign that more investments/ corporate interest will consider Pittsburgh as a location for foreign companies.

[airwave09]

That's awesome that they consider Pittsburgh now to be a first tier market along with D.C. and San Fran. It's amazing what can happen in just 5 years.