HFF secures financing for One Smithfield Street Building in downtown Pittsburgh

PITTSBURGH, PA – The Pittsburgh office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has secured financing for One Smithfield Street, (center photo below) a 132,500-square-foot office building and an adjacent 90-space surface parking lot in downtown Pittsburgh, Pennsylvania.

HFF managing director Mark Popovich (bottom right photo)  worked exclusively on behalf of the borrower, Burns & Scalo Real Estate Group, in arranging the long-term fixed-rate financing for the building through a credit lender and the adjustable-rate loan for the parking lot through a local bank.

 Project financing was bifurcated because Burns & Scalo plans to develop the surface lot in the future and needed the flexibility to refinance the parking lot loan to finance the future development.

The property is located at the corner of Smithfield Street and Fort Pitt Boulevard adjacent to Interstate 376 in downtown Pittsburgh. One Smithfield Street was originally built in 1964, and completely renovated in the early 1990’s. Allegheny County’s Department of Health & Human Services leases the entire building.

Burns & Scalo Real Estate Services has developed and currently manages over 2,000,000 square feet of office, warehouse, flex and retail properties in western Pennsylvania.

Contacts:

Mark Popovich, HFF Managing Director, (412) 281-8714, mpopovich@hfflp.com
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com