Pittsburgh’s One Chatham Center sold to bank (sale, real estate)

[doo dah]

Post-Gazette article

This is interesting: "The sheriff’s sale affects only the first floor and floors 3 through 9 of One Chatham Center. The Marriott City Center hotel occupies the rest of the 20-story building. It is separate from the office portion and was not part of the sheriff’s sale or foreclosure."

Anyone have any idea what condition the non-Marriott floors are in? One would think with the redevelopment of the Civic Arena land that Chatham Center would be booming, maybe that will be upcoming?

[wpipkins2]

Originally Posted by doo dah

Post-Gazette article

This is interesting: "The sheriff’s sale affects only the first floor and floors 3 through 9 of One Chatham Center. The Marriott City Center hotel occupies the rest of the 20-story building. It is separate from the office portion and was not part of the sheriff’s sale or foreclosure."

Anyone have any idea what condition the non-Marriott floors are in? One would think with the redevelopment of the Civic Arena land that Chatham Center would be booming, maybe that will be upcoming?

I have not been inside that building since it was a Hyatt Hotel in the 80's. The dedicated parking, location, and landscaped fountain area makes this a good location for apartments.

[doo dah]

Originally Posted by wpipkins2

I have not been inside that building since it was a Hyatt Hotel in the 80's. The dedicated parking, location, and landscaped fountain area makes this a good location for apartments.

I understand the movie theater still exists, though it is closed off.

[szug-bot]

I'm not sure you guys realize, one of the three buildings (the furthest west) is exclusively condominium apartments.

I gather the one opposite it, across the courtyard, is all offices, but I have no idea of its vacancy rate. Then, of course, the building with the Marriott, the topic of this thread.

[CFP]

Originally Posted by doo dah

Anyone have any idea what condition the non-Marriott floors are in? One would think with the redevelopment of the Civic Arena land that Chatham Center would be booming, maybe that will be upcoming?

based on all the hype about new hotels, apartments and restaurants in the area
one would think the chatham center floors would have sold for millions of dollars

"HSBC Bank USA purchased One Chatham Center with a bid of $2,321 to pay costs and taxes at Monday’s sheriff’s sale.
The bank ended up with the real estate after filing a complaint in foreclosure last June, charging that Elteq Partners I Limited Partnership, the building owner, hadn’t made mortgage payments since February 2014."

didn't make the mortgage payments because there's not enough demand to fill the space

"Over the past several years, the office portion has been crushed by departures. It is now 88 percent vacant, according to the Newmark Grubb Knight Frank real estate firm. Other estimates run as high as 94 percent."

good thing we're building tens of thousands of square feet of new space in the city
that should turn out well for everyone involved

[doo dah]

Originally Posted by szug-bot

I'm not sure you guys realize, one of the three buildings (the furthest west) is exclusively condominium apartments.

I gather the one opposite it, across the courtyard, is all offices, but I have no idea of its vacancy rate. Then, of course, the building with the Marriott, the topic of this thread.

No, the Marriott portion of the building was not sold.

[SteelCityRising]

Isn't there a Starbucks on the ground-level?

[szug-bot]

Originally Posted by SteelCityRising

Isn't there a Starbucks on the ground-level?

Si, senor. there is 10 minute parking along the Starbuck's dedicated entrance (you can get there from within the hotel, but the place has its own street entrance). apparently, the cops just round up - 10 minutes, or 60, whats the diff?