The Secret is Out!!! Downtown Pittsburgh Real Estate Is Smoking Hot
From his office high within PPG Plaza, with its sweeping view of downtown Pittsburgh, Ed Fritsch reflected on what led his Raleigh-based company, Highwoods Properties, to buy the property.
The diverse economy for one. A growing youth population for another. And of course, the stable real estate market. Beyond that, there was thegrowing buzz about the city as a happening place to be.
“Pittsburgh just kept popping up extraordinarily well. The city is not what people used to think it was,” says Fritsch, President/ CEO of Highwoods Properties.
In September 2011, the real estate investment firm bought PPG Place and is now investing $25 million in upgrades to the six-building, 1.5-million-square-foot Class A office complex.
The company is part of a growing number of outsiders investing in Pittsburgh, joining the many locals already banking on the city’s real estate.