{"id":1004052403,"date":"2011-09-22T10:01:53","date_gmt":"2011-09-22T18:01:53","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=18264"},"modified":"2022-12-08T18:47:29","modified_gmt":"2022-12-09T02:47:29","slug":"highwood-properties-buys-pittsburghs-crown-jewel","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/highwood-properties-buys-pittsburghs-crown-jewel\/","title":{"rendered":"Highwood Properties Buys Pittsburgh\u2019s Crown Jewel"},"content":{"rendered":"<div id=\"attachment_18265\" class=\"wp-caption alignright\" style=\"width: 235px\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2011\/09\/PPG-Place-Complex.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-18265  \" title=\"PPG Place Complex\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2011\/09\/PPG-Place-Complex.jpg\" alt=\"\" width=\"225\" height=\"300\" \/><\/a><\/p>\n<p class=\"wp-caption-text\">PPG Place Complex<\/p>\n<\/div>\n<p>by Liviu Oltean, Associate Editor<\/p>\n<p>Highwood Properties Inc. has recently added two important office buildings to its portfolio: PPG Place in Pittsburgh for $189.1 million and Riverwood 100 in Atlanta for $78.3 million.<\/p>\n<p>PPG Place is a six-building Class A office complex that encompasses about 1.5 million square feet of office space with an 81.2 percent\u00a0occupancy rate. According to a press release, Highwood Properties is planning to invest $25 million in improvements: $17.1 million of planned near-term building improvements and $8.1 million of future tenant improvements. With a secured debt of $124.9 million (carrying a 4.27 percent\u00a0interest rate) that will mature in November 2017, Highwood invested a total of $214.1 million in the Pittsburgh-based complex.<\/p>\n<p>Ed Fritsch, President and CEO with Highwood Properties, stated that the acquisition is based on a strategic plan that focuses on a balanced portfolio, and maximizing growth and long-term profitability. The decision to buy PPG Place was due to an increasing interest of investors\u00a0in Pittsburgh\u2019s diverse economy.<\/p>\n<p>Riverwood 100 is a 24-story, 503,000 square-foot class A office building. Highwood will\u00a0make $8 million in improvements. Located in the Cumberland Galleria\/I-75 submarket of Atlanta, the office building is 87.0 percent\u00a0leased. The transaction has a secured debt of $67.9 million, with a 5.45 percent\u00a0interest rate that will mature in January 2014. With the acquisition of Riverwood 100, Highwood Properties has about 3 million square feet of office buildings across 21 buildings in the area.<\/p>\n<p>\u201cOur $300 million investment includes projected near-term building improvements, a significant portion of which will be used to \u2018Highwoodtize\u2019 these assets and further differentiate them from the competitive set,\u201d said Fritsch.<\/p>\n<p>Highwood Properties, a Raleigh-based REIT, owns or has an interest in 339 in-service office, industrial and retail properties throughout the U.S. that encompass about 34.8 million square feet.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>by Liviu Oltean, Associate Editor<br \/>\nHighwood Properties Inc. has recently added two important office buildings to its portfolio: PPG Place in Pittsburgh for $189.1 million and Riverwood 100 in Atlanta for $78.3 million.<br \/>\nPPG Place is a six-building Class A office complex [&#8230;]<\/p>\n","protected":false},"author":1158,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1602],"tags":[],"class_list":["post-1004052403","post","type-post","status-publish","format-standard","hentry","category-latest","category-pittsburgh"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Highwood Properties Buys Pittsburgh\u2019s Crown Jewel - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/highwood-properties-buys-pittsburghs-crown-jewel\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Highwood Properties Buys Pittsburgh\u2019s Crown Jewel\" \/>\n<meta property=\"og:description\" content=\"by Liviu Oltean, Associate Editor Highwood Properties Inc. has recently added two important office buildings to its portfolio: PPG Place in Pittsburgh for $189.1 million and Riverwood 100 in Atlanta for $78.3 million. PPG Place is a six-building Class A office complex [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/highwood-properties-buys-pittsburghs-crown-jewel\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2011-09-22T18:01:53+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T02:47:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2011\/09\/PPG-Place-Complex.jpg\" \/>\n<meta name=\"author\" content=\"Liviu Oltean\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/highwood-properties-buys-pittsburghs-crown-jewel\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/highwood-properties-buys-pittsburghs-crown-jewel\\\/\"},\"author\":{\"name\":\"Liviu Oltean\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/a12696609e74785a9cb5f8f7eae8bbd0\"},\"headline\":\"Highwood Properties Buys Pittsburgh\u2019s Crown Jewel\",\"datePublished\":\"2011-09-22T18:01:53+00:00\",\"dateModified\":\"2022-12-09T02:47:29+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/highwood-properties-buys-pittsburghs-crown-jewel\\\/\"},\"wordCount\":289,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/highwood-properties-buys-pittsburghs-crown-jewel\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2011\\\/09\\\/PPG-Place-Complex.jpg\",\"articleSection\":[\"News\",\"Pittsburgh\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/highwood-properties-buys-pittsburghs-crown-jewel\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/highwood-properties-buys-pittsburghs-crown-jewel\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/highwood-properties-buys-pittsburghs-crown-jewel\\\/\",\"name\":\"Highwood Properties Buys Pittsburgh\u2019s Crown Jewel - 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