Outside Investors Purchasing More Downtown Pittsburgh Sites

English: The U.S. Steel Tower, located in Pitt...

English: The U.S. Steel Tower, located in Pittsburgh, Pennsylvania, USA, with the new corporate logo of the University of Pittsburgh Medical Center. (Photo credit: Wikipedia)

In one sense, Pittsburgh’s resurgence can be measured by its Downtown skyline — not so much by the names atop its skyscrapers but by those on the property deeds to them.

More and more, out-of-town investors are gobbling up prominent real estate Downtown, drawn by a host of factors, from high occupancy rates to the diversity of the local economy.

In fact, a Pittsburgh Post-Gazette review of high-profile building sales Downtown and on the North Shore since 2011 found that 10 of 13 have gone to out-of-town buyers, including such landmarks as the U.S. Steel Tower and the PPG Place complex.

Another three properties currently under agreement to be sold, including Liberty Center and the accompanying Westin Convention Center Hotel, also are being purchased by outside investors.

Read more: http://www.post-gazette.com/stories/business/news/outside-investors-purchasing-more-downtown-pittsburgh-sites-692796/#ixzz2X4r4GKrA

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