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Investors from Munich to San Francisco are paying big money to gobble up some of Pittsburgh’s most prestigious office towers and then pouring millions of dollars more into re-energizing them.
Since 2010, out-of-town real estate companies have paid more than $1 billion to acquire more than a dozen high-profile properties in or near Downtown, including such iconic gems as U.S. Steel Tower, PPG Place, One Oxford Centre, the Union Trust Building and the former Westinghouse Building.
And they aren’t just sitting on the properties. The firms have invested nearly a quarter of a billion dollars more to bring buildings up to 21st century standards and to add tenant-pleasing amenities. READ MORE