Confluence Signs 40 KSF Lease for New Pittsburgh Global HQ

By Adriana Pop, Associate Editor

Pittsburgh–Asset management software firm Confluence has signed a lease with New York-based Faros Properties to relocate its global headquarters to Nova Place, a 1.5 million-square-foot office complex on the city’s North Side that ranks as one of the largest urban redevelopment projects in the Pittsburgh region.

Interior at Nova Place in Pittsburgh

Confluence is planning to move from its smaller location on River Avenue to the new 40,000-square-foot space at Nova Place in 2017. The tech firm’s new office will comprise two floors connected by a central staircase, with open floorplans surrounded by floor-to-ceiling windows with panoramic views of the city.

Located at 100 South Commons, Nova Place is a redevelopment of the 1960s-era Allegheny Center, which Faros purchased last year with the help of a $54.7 million loan orchestrated by HFF.

Confluence now joins a list of newly signed tenants, as well as long-standing anchors including Innovation Works, La Prima, Matrix Solutions, PNC, Bank of America and Expedient, in addition to Alloy 26, a highly anticipated co-working venture within the center.

Set to become the largest tech incubator in western Pennsylvania, Nova Place is located just minutes from downtown and all major throughways, granting its tenants easy access to destinations city-wide. Amenities include a 3,000-car parking garage, forthcoming 10,000-square-foot fitness center and an onsite auditorium equipped with the latest technology.

“The Pittsburgh office market has really responded to this type of product, as has the business community,” CBRE, the project’s leasing agent, commented in prepared remarks. “With this and the other new leases at Nova Place, the project is already at 75 percent leased and climbing! The reception by the tech and corporate community to this world-class project has been unbelievable.”

Over the past three years, Faros Properties has invested over a quarter of a billion dollars into the region. In 2014, the company also bought the 810-unit residential component of Allegheny Center, which it renamed Park View.

Headquartered in Pittsburgh, Confluence serves the international fund industry with locations in Brussels, Dublin, Ho Chi Minh City, London, Luxembourg and San Francisco. The company was launched in the early 1990s by its current CEO Mark Evans.

“Our move to Nova Place is a testament to our commitment to Pittsburgh as a great location for our headquarters as we continue to grow globally,” Evans stated. “The vision of Nova Place aligns with our culture of innovation and the property design and amenities underscore the value we place on engaging employees and inspiring collaboration at all levels of the company.”

 Images courtesy of Faros Properties