James Reed Building

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James Reed Building
James-Reed-Building-Pittsburgh-2019.jpg
James Reed Building on 6th Avenue in Pittsburgh, Pennsylvania
James Reed Building
General information
TypeHotel
Location435 Sixth Avenue, Pittsburgh, Pennsylvania
Coordinates 40°26′28.8″N79°59′46.6″W / 40.441333°N 79.996278°W / 40.441333; -79.996278
Completed1902
OwnerPMC Property Group
Height
Roof106 ft (32 m)
Technical details
Floor count9
Floor area181,348 sq ft (16,847.8 m2)

The James Reed Building or the Reed Smith Building is an historic building in Pittsburgh, Pennsylvania. Built in 1902, it was designed in the Beaux-Arts architecture style.

Architectural design and history

This building was named after James H. Reed, an American judge and founder of the Reed Smith law firm, which was the building's primary tenant for many years. [1]

Reed Smith bought the nine-story building in 1984 for $5.82 million as 435 Sixth Ave Associates. [2] In 2007 Reed Smith decided to relocate its corporate headquarters to Three PNC Plaza and sell the building, which had a market value of $16.78 million. The downtown Pittsburgh office vacancy rate at the time was 20%, driving down the value of the building. In October 2008, the building was purchased by Mika Realty Group of Los Angeles for $6.5 million. [3] Mika Realty, owned by Michael Kamen and Gerson Fox, purchased the building under the name 600 William Penn Partners LLC. [4] Kamen and Fox also purchased the nearby Union Trust Building 6 months prior. [3]

In 2009, Reed Smith law firm moved its corporate headquarters to Three PNC Plaza. [4] Mika Realty was never able to find a tenant to replace Reed Smith, the building remained vacant, which led to bankruptcy in 2011. [5] [6] PMC Property Group purchased the building in September 2012 for $5.5 million in a U.S. Bankruptcy Court auction in Los Angeles. [7]

The building was redeveloped into a 249-room Hotel Monaco, opened in January 2015. [8] [9]

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References

  1. ↑ Semmes, Ben (June 25, 2007). "Reed Smith building on sales block as law firm plans to move". Pittsburgh Business Times . Archived from the original on January 18, 2013. Retrieved August 17, 2012.
  2. ↑ "Real Estate Owner History". Allegheny Country Real Estate Portal. Allegheny County. 2019-04-29. Retrieved 2019-04-29.
  3. 1 2 DaParma, Ron (August 21, 2008). "Downtown Reed Building tentatively sold". Pittsburgh Tribune-Review . Retrieved April 26, 2019.
  4. 1 2 Belko, Mark (August 17, 2012). "Two Downtown Pittsburgh buildings face shaky fiscal future". Pittsburgh Post-Gazette . Retrieved August 17, 2012.
  5. ↑ Spatter, Sam (September 1, 2012). "Philly's PMC Property Group working to expand ownership of Downtown buildings". Pittsburgh Tribune-Review . Retrieved April 26, 2019.
  6. ↑ Spatter, Sam (June 11, 2011). "Ex-Reed Smith building's owner faces sheriff's sale". Pittsburgh Tribune-Review . Retrieved August 17, 2012.
  7. ↑ Spatter, Sam (September 12, 2012). "PMC Property only bidder to buy Reed Smith Building in Downtown Pittsburgh". Pittsburgh Tribune-Review . Retrieved April 8, 2019.
  8. ↑ "David L. Lawrence Convention Center hotel idea fading - Pittsburgh Post-Gazette". Pittsburgh Post-Gazette. November 5, 2013.
  9. ↑ Gravina, Lauri (January 23, 2015). "Hotel Monaco now open, see it in photos here". Next Pittsburgh. Next Pittsburgh. Retrieved April 8, 2019.
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