Completed in 1999, PPG Place is a four-acre development comprised of a 40-story office tower, five mid-size buildings and a three-level, 673-space underground parking structure. The trophy property is about 90% leased to tenants such as PPG Industries, Deloitte & Touche, Ernst & Young and Marsh & McLennan.

HFF executive managing director John Pelusi and senior managing director Gerard Sansosti worked on behalf of Market Associates. Sansosti tells GlobeSt.com that the loan term matches the original lease term of the anchor tenant, PPG Industries, which leases about 30% of the building, or about 450,000 sf. The next largest tenant Is PPG's auditor, Deloitte & Touche, which leases about 120,000 sf.

Sanstosi declined to provide the lease rate without speaking to his client first, but he did say it was a high-leverage transaction that included a principal piece and a mezzanine piece, and that the new rate is significantly lower than the previous loan. Other lending sources tell GlobeSt.com that a blended rate for the transaction is probably in the vicinity of 250 basis points over the seven-year treasury, and that the new rate is likely about 200 basis points below what they were paying, based on where the treasury was in 1999.