PNC Closes $49 Million Deal on Pittsburgh Skyscraper
PNC's local knowledge of the Pittsburgh office market and a long-term relationship with the lead tenant helped to seal a recapitalization deal for a high-profile downtown property.
EQT Plaza is a 32-story office tower located at 625 Liberty Avenue. It features a health club, conference center, underground parking garage and Morton's, the steakhouse restaurant. With the addition of EQT as lead tenant in 2009, the building was 96.2 percent leased. It had been recently upgraded with a $3 million investment on plaza and lobby renovations, a new life safety system and fitness and business center upgrades.
When the sponsor, Pearson Partners, a New York- based firm with several real estate holdings in Pittsburgh, decided to retain ownership and recapitalize rather than sell the property, they needed a quick response. They got it from PNC.
PNC quickly provided a fully underwritten $49 million five year term loan with a fixed rate via a swap.