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Historic Two Mellon Center Hits Sales Block

PITTSBURGH-The for sale sign follows the exit of the building's long-time office tenant and the former owner's default, leaving the 1916 architectural landmark ripe for conversion.

By Marita Thomas | Updated on January 04, 2007

PITTSBURGH-The company that acquired Two Mellon Center under foreclosure has put it up for sale. It goes to market unpriced, but Jeffrey Ackerman, executive vice president of CB Richard Ellis/Pittsburgh, tells GlobeSt.com he expects it will command a price “in the $30-million range.”

Also known as the Union Trust Building, the 11-story, 595,000-sf historic Gothic-style structure at 501 Grant St. was designed by renowned local architect Frederick Osterling. It was completed in 1916 and fully renovated in 1987.

Mellon Financial Corp. declined to renew its 15-year master office lease in the second quarter of 2006, leaving the building vacant except for its ground-floor retail. According to published reports, following Mellon’s exit, the Florida-based owner defaulted on the mortgage, leaving it in the hands of the mortgage holder, identified as Teal Rock 501 Grant Street LP, which is affiliated with Cigna Corp.

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