PNC to Build New $400M Pittsburgh Headquarters
CoStar reports: The PNC Financial Services Group, Inc. announced this week that it plans to construct a 40-story headquarters building dubbed The Tower at PNC Plaza on the southeast corner of Fifth Avenue and Wood Street in Pittsburgh, PA. Once complete in 2015, the 800,000-square-foot, $400 million building at the same intersection where PNC has been headquartered for more than 150 years will serve as the company’s executive offices.
Tentative plans call for about 300 underground parking spaces, street-level retail and green rooftops. The tower should create 2,500 construction jobs, with 500 workers at a time on the site during peak periods.
PNC subsidiaries have acquired six properties totaling about 31,000 square feet on the site bounded by Fifth and Forbes avenues and Wood Street. The financial services firm will seek to acquire three other parcels totaling about 6,000 square feet from the Urban Redevelopment Authority of Pittsburgh. Demolition of existing buildings on the site is expected to begin late this year, with the three-year construction projects scheduled to begin in the spring of 2012. PNC will seek community input on street-level design and other aspects of the project in coming months.
PNC will own the building and occupy all of the office space, with tenants in the retail spaces at street level. The current headquarters building, One PNC Plaza, will continue to house PNC offices.