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PITTSBURGH-The 1.5-million-sf Gateway Center office complex here is under new ownership. Hertz Investment Group of Santa Monica, CA paid Trizec Properties of Chicago about $55 million for the four-building development, according to local sources familiar with the transaction. Trizec acquired the 10.6-acre property in 1995 from the developer, Equitable Life Assurance Co., for about $57 million.In addition to Gateway I-IV, the purchase includes the associated parking garage and land leased long-term to the Pittsburgh Hilton. Not included in the sale are the IW Abel Building (formerly Gateway Five), headquarters of the United Steelworkers of America, and the former Westinghouse Building (11 Stanwix St.).Hertz’ broker, Adrian Goldstein of the Greenwich Group, confirmed the transaction for GlobeSt.com but declined to confirm or deny the purchase price and wasn’t sure of the building’s current vacancy rate. Hertz Investment founder Judah Hertz was not immediately available Monday for comment. According to other local sources, the Gateway complex is between 15% and 20% vacant, which would be consistent with average Downtown and throughout the CBD. Gateway was Trizec Properties’ only asset in Pittsburgh. Holiday Fenoglio Fowler had the disposition assignment. Hertz Investment Group owns or manages more than 100 properties nationwide, including office buildings, retail center, multifamily complexes and hotels.

 

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