PMC Property Group Expands Reach in Pittsburgh Market
04/09/2012 - 4:00pm
Pittsburgh, PA ― On March 23, 2012, PMC Property Group closed on its fourth major investment in downtown Pittsburgh, acquiring the 31-story Regional Enterprise Tower located at 425 Sixth Street. The RET was built in 1957 by Aluminum Corporation of American (now known as ALCOA) as its world headquarters.
Between 1998 and 2011, the building was owned by the Southwestern Pennsylvania Commission (SPC) and rented to governmental, social service and other nonprofit agencies serving the greater Pittsburgh region.
PMC plans to aggregate the commercial tenants in the lower floors of the building and renovate the upper floors into residential apartments. It further plans to make major systems upgrades, including the replacement of the HVAC system, window upgrades and the modernization of elevators. The start of construction is yet to be determined.
“We are excited to acquire such an iconic building in downtown Pittsburgh,” says PMC Executive Vice President Jerry Novick. “It speaks volumes about Pittsburgh’s incredible industrial past, and we hope to restore the building to its former luster and make it a part of Pittsburgh’s Third Renaissance for many years to come.”
PMC's other Pittsburgh holdings include 201 Stanwix Street, The Penn Garrison Lofts in the Golden Triangle and the Kenmawr Apartments in Shadyside.
