Piatt Companies Achieves Long-Term Refinancing for Piatt Place in Downtown Pittsburgh

Piatt Companies Achieves Long-Term Refinancing for Piatt Place

Piatt Companies has announced a significant milestone in their ongoing commitment to the revitalization of Downtown Pittsburgh. The firm has successfully secured a long-term refinancing deal for Piatt Place, a distinguished mixed-use development well-known in the city's commercial landscape. This achievement comes amidst the backdrop of challenges currently facing the Golden Triangle's commercial real estate market, underlining Piatt's resilience and strategic insight.

A Remarkable Achievement

The refinancing team at Piatt was spearheaded by Chief Financial Officer Art Borowski, in collaboration with Dollar Bank. This recent agreement marks the fourth financing partnership between Piatt and the bank within the past 18 months, a testament to their strong working relationship and shared vision for the future of Downtown Pittsburgh.

Originally transformed from the historic Lazarus department store in 2009, Piatt Place has since evolved into a modern, four-story building encompassing 219,812 square feet. It hosts a variety of retail spaces, office environments, and condominiums. Its innovative mixed-use design has proven to be a sound strategy, enabling diversification that strengthens the overall vitality of the property. The financing deal affirms that such models can effectively navigate the uncertainties of the commercial property sector.

The Significance of Piatt Place

CEO Lucas Piatt expressed how the refinancing represents not merely a success for Piatt Companies, but also a boon for Downtown Pittsburgh as a whole. He stated, "Piatt Place was one of the early mixed-use redevelopments in Downtown's revitalization, and now 16 years later, it's a staple in Downtown's culture." This sentiment highlights the pivotal role Piatt Place plays in contributing to the urban fabric of the area and showcases Piatt Companies' dedication to further investments in Pittsburgh.

The tenants of Piatt Place have become integral to the ongoing development of the district, fostering a vibrant community that enhances Downtown's livability. Among its notable occupants are prestigious names such as the Capital Grille, McCormick & Schmick's, Izazzu Salon, and the Commonwealth of Pennsylvania offices. Additionally, the property has seen further growth with the addition of the Goddard School in 2015, followed by HealthQuest Chiropractic Associates in 2023.

A Bright Future for Piatt Place

Located at 301 Fifth Avenue in Downtown Pittsburgh, Piatt Place is more than just a building; it represents a forward-thinking approach to urban development.

With the successful refinancing of Piatt Place, Piatt Companies continues to strengthen its position in the real estate market of Western Pennsylvania. Their vision is clear: to create real estate experiences that elevate the quality of life in the region, contributing to its vibrancy and resilience. As they move ahead, it is evident that Piatt Companies is committed to a sustained investment in Pittsburgh, ensuring that landmarks like Piatt Place not only endure but thrive in the face of changing economic landscapes.

For more details about Piatt Companies and their initiatives, visit Piatt.com.