Pittsburgh-based PNC bank occupies more than 45% of the 497,394-sf class A office asset and has 10 years remaining on its lease. The Skidmore, Owings and Merrill-designed building is 91% occupied. Other tenants include law firm Frost Brown Todd, executive recruiting firm Robert Half International, KPMG and CB Richard Ellis.
"The acquisition of PNC Center is a key component of our strategy," says Harbor Group chairman and CEO Jordan E. Slone. "Like other class A central business district office towers we have purchased, it is a prominent building anchored by a bank on a long-term lease."
Completed in 1980, the property features an Italian marble exterior. It is located at the intersection of Fifth and Main streets across the street from the world headquarters of Procter & Gamble.
Harbor Group, which has offices here and headquarters in Norfolk, VA, has more than tripled its holdings since 1999. With the PNC buy in place, the company's $800-million-plus portfolio of multifamily, retail, industrial and office properties comprises 4.7 million sf.
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