PITTSBURGH-Market Associates LP, an affiliate of The Hillman Co. is selling PPG Place, the CBD trophy here, to Highwoods Properties for $214.1 million. The sale includes a $25.2-million commitment of building improvements and tenant upgrades, as well as the assumption of a $124.9-million secured loan. The loan matures in 2017.

The six class A offices are 76% occupied with tenants such as PPG Industries, H.J. Heinz, Deloitte & Touche, Morgan Stanley Smith Barney, Ernst & Young and Allegheny Technonlogies, among others. The property consists of a 40-story tower that reaches 635-feet, as well as a 14-story building and four six-story properties. Designed by Philip Johnson, the property has a reflective surface and architecture commensurate with a castle build. It sits on three city blocks here and is considered a centerpiece of Pittsburgh.

Constructed in 1981, it has 1.5 million square feet of office and 70,000 square feet of rentable retail. The buyer was represented by CB Richard Ellis and will help lease the rest of the property for the Raleigh, NC-based REIT.