Pittsburgh's Grant Building lands in special servicing, faces 'imminent' default as major lease nears deadline
https://www.bizjournals.com/pittsbur...-downtown.html
"A recent loan servicer report listed occupancy at a relatively healthy 86% as of June, though the Grant Building's biggest tenant's lease is close to ending.
Huntington Bancshares, a Columbus-based bank that ranks as Pittsburgh's seventh-largest bank by deposit market share, has a more than 58,000-square-foot office in the Grant Building for which the lease is scheduled to expire next April, according to loan servicer notes.
Following what has become a persistent trend of companies working to reduce the size of their offices since they need less from hybrid-work arrangements, sources indicate that Huntington has been engaged in a search for a new office that will likely be much smaller, in the range of 15,000 square feet.
The remaining balance on the loan for the building is more than $36.7 million for an original loan balance of $38 million."
no word on what will happen to the signage
Bloomfield, the next neighborhood targeted for high-rise apartment complex, against zoning code
https://www.wtae.com/article/pittsbu...mplex/45727700
"Community Supermarket is one of the oldest landmark neighborhood grocery stores, carrying a legacy spanning decades.
However, its days appear to be numbered, as Echo Realty is positioned to build Bloomfield Square on the same parcel, at 4100 Liberty Ave., facing the Bloomfield Bridge.
Many residents and business owners in the neighborhood agree that something attractive should be built in its place, but there was mixed reaction when it became public that Echo Realty wants to build Bloomfield Square.
That proposed development will have a grocery store, along with more than 260 units, but what Echo is requesting is what rubs some people the wrong way.
Pittsburgh's zoning ordinance for that parcel says a building should not exceed four stories or 50 feet. Echo Realty is requesting a variance to make Bloomfield Square six stories."