will receive new upgrades.
PITTSBURGH, PA-ING Real Estate Finance (USA) has closed a $43.275-million senior secured term loan for Munich-based GLL Real Estate Partners GmbH to refinance a portion of the acquisition costs for 11 Stanwix St., the one-time headquarters of Westinghouse Electric Corp.
The monies also will fund certain capital expenditures for the 24-story building, which contains approximately 432,238 rentable square feet of office and retail space, and an enclosed four-level parking garage. ING served as the sole lead arranger and administrative agent.
“The city of Pittsburgh has gone through a major renaissance and become a very attractive market for real estate investors worldwide,” says Alexander Joerg, director at ING Real Estate Finance (USA), in a statement. “This particular property is one of the premier office assets in the city due to many factors including the quality of its finishes, tenant list that provides a stable income stream, views of the surrounding area, efficient floorplates and amenities.”
Originally constructed for the Equitable Life Assurance Society of the United States in 1970, the building is considered one of the best-maintained assets in the Pittsburgh market, ING says. Westinghouse relocated to suburb Monroeville in the 1990s. GLL acquired the building for $66.6 million from Stanwix Lender Associates earlier this year.
Tenants at the building, still often called the Westinghouse Tower by locals, include IBM and First Niagara Financial Group. More than $25 million has been spent over the last several years on capital and tenant improvements.
ING did not return a request for an interview in-time for deadline.