U.S. Steel Tower Faces Foreclosure
According to The Pittsburg Times, "The U.S. Steel Tower, Downtown’s biggest office building, faces a foreclosure auction on Feb. 1 after its owner, New York-based AREA Property Partners, was unable to refinance on maturing debt.
That’s according to trade publication Real Estate Alert, which also reports that the minority lender in the property, Connecticut -based Five Mile Capital, is moving to seize ownership of the building.
Five Mile is reported to have a $25 million loan into the ownership group for the building. Five Mile was not immediately available for comment. A spokesperson for AREA said the company can’t comment because the firm is in discussions with the lender group."