Holliday Fenoglio Fowler, L.P. (HFF) announces the $127.5 million financing of Nova Place and 106 Isabella, a 1.3-million-square-foot office complex and nearby office building in Pittsburgh, Pennsylvania.
The HFF team worked on behalf of the borrower, Faros Properties, LLC, to secure the five-year, floating-rate loan through Wells Fargo.
Nova Place, a former urban mall that was converted into office use in the early 1990’s, comprises three office complexes totaling 1,250,702 square feet – Concourse, Tower 1 and Tower 2 - and a 3,000-space parking garage. The property is 86 percent leased to tenants including PNC Bank, Microbac, Continental Broadband, Confluence, Union Fitness, United Healthcare and Alloy 26. Situated on Pittsburgh’s North Shore, Nova Place is directly across the Allegheny River from the central business district and convenient to nearby amenities, including PNC Park, Heinz Field, Carnegie Science Center and the Warhol. 106 Isabella, which totals 87,050 square feet, is located adjacent to the Warhol.
The HFF debt placement team representing the borrower included executive managing director Gerard Sansosti and senior managing director Nick Matt.
About Faros Properties, LLC
Faros Properties is a New York City-based real estate investment firm established by Jeremy Leventhal, Alexander Leventhal and Elliot Gould as a platform to target long-term private investment opportunities. Faros primarily targets core investments in supply-constrained markets with high concentrations of intellectual capital. Faros and its predecessor companies trace their roots to family-owned operations. The family has for over six decades been actively involved in the construction, development, acquisition, management and financing of more than 50 million square feet of real estate internationally.
HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.