N.C. Company Buys PPG Place. (Pittsburgh, York: credit, buying, universities)

[gg]

N.C. firm buys PPG Place for nearly $180 million - Pittsburgh Tribune-Review

[SammyKhalifa]

To be honest, I would have guessed it would cost more than that.

[BrianTH]

Originally Posted by SammyKhalifa

To be honest, I would have guessed it would cost more than that.

I believe it sold for $186 million in 1999, so I would have guessed the same.

[madg0at]

Originally Posted by SammyKhalifa

To be honest, I would have guessed it would cost more than that.

Buying at $120/sqft of downtown Class A when rents are $20-35/sqft and rising is a steal. If I had $180M collecting dust I'd have bought it too!

[Benzman66]

Henry and the family can finally retire now! LOL

Henry Hillman, The World's Richest People - Forbes.com

[BrianTH]

It would be nice if Hillman cycled some of that money back into local projects.

I'd guess from the price there are some significant deferred maintenance/upgrade expenses.

[Benzman66]

Originally Posted by BrianTH

It would be nice if Hillman cycled some of that money back into local projects.

I'd guess from the price there are some significant deferred maintenance/upgrade expenses.

Henry and his wife both donate a lot of money to local charities and universities, more than you can ever imagine. They are both up there in age and even though he still went in quite often to the office, I think he felt it was time to sell. His kids are mostly out of town and have their own lives. I think his son was the only one that took any interest in PPG place, but he too has his own business.

[MathmanMathman]

Originally Posted by Benzman66

Henry and his wife both donate a lot of money to local charities and universities, more than you can ever imagine. They are both up there in age and even though he still went in quite often to the office, I think he felt it was time to sell. His kids are mostly out of town and have their own lives. I think his son was the only one that took any interest in PPG place, but he too has his own business.

Just so long as they don't forget their roots. To her credit, Teresa Heinz Kerry reminded her children not to forget where their money came from and to not forget Pittsburgh. A lot of money was made in Pittsburgh and unfortunately, a lot of it left. Pittsburgh money funded the Frick Collection in New York, the National Gallery of Art in DC, and libraries around the world.

[BrianTH]

Originally Posted by MathmanMathman

A lot of money was made in Pittsburgh and unfortunately, a lot of it left.

To be fair, a lot of money was made in other places and spent in Pittsburgh.

[neurodistortion]

To compare, Monroeville Mall sold for well over $200 million in 2004... they certainly purchased it for the right price at the right time.