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Gateway Center complex in Pittsburgh no longer for sale

Bob Bauder
| Friday, Feb. 6, 2015, 12:30 p.m.

California-based Hertz Investment Group is no longer seeking to sell the landmark Gateway Center complex in Downtown Pittsburgh, one of the partners said Friday.

Gary S. Horwitz, Hertz's president and CFO, said the company decided in December that it would hang onto the four buildings and parking garage that became the face of Pittsburgh's first Renaissance 60 years ago.

“We pulled it off the market in December after reevaluating our goals and objectives for the entire company and this property,” Horwitz said in an email. “We like being in Pittsburgh and have seen positive change in the city over the last 10 years. We think owning real estate in Pittsburgh fits our long-term strategy.”

It marks the third time that Hertz has nixed an attempted sale of the buildings since purchasing them for $55 million in December 2004.

Horwitz said in August that Hertz typically sells its real estate after owning it for five to 10 years and that the timing was right with Downtown office space at a premium. Hertz listed the properties with Chicago-based Jones Lang LaSalle.

The complex consists of skyscrapers known as buildings One, Two, Three and Four and a 750-space underground parking garage on Liberty Avenue. The Allegheny County real estate website lists the assessed total value of the four buildings at $76 million and the garage at $7 million. Hertz did not list an asking price for the complex.

Bob Bauder is a staff writer for Trib Total Media. Reach him at 412-765-2312 or bbauder@tribweb.com.

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