Real estate private equity firm Starwood Capital Group bought the Liberty Center for a total of USD 135 million. Liberty Center, located in the "Golden Triangle" of downtown Pittsburgh, is a 555,607-square feet mixed-used property. It is a Class A office buidling with 27 stories, a shopping arcade, and underground parking. Its current residents are Federated Investors Inc as well as the Westin hotel. Starwood bought the Liberty Center from Forest City Enterprises Inc and Jos Muscarelle Inc.
Starwood said they will be renovating the lobbies, rooms, and other areas of their newly-acquired property for the comfort of their tenants and guests. Starwood Capital Vice President Jeff Shuster said he is excited with the purchase. "We are excited to be acquiring this well-performing mixed use asset, which is situated in a market that has increasingly attractive fundamentals. The Pittsburgh economy is experiencing a renaissance with broad based growth in multiple sectors, including energy, healthcare, technology, education and financial services. This economic expansion has helped raise the downtown Class A office occupancy rate to be among the best in the nation," he said.
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