PITTSBURGH, Aug. 6, 2025 /PRNewswire/ -- Piatt Companies announced that they have successfully secured a long-term refinancing deal for Piatt Place in Downtown Pittsburgh, despite the challenges being reported in the Golden Triangle's commercial real estate market.

The refinancing team from Piatt was led by Chief Financial Officer Art Borowski in partnership with Dollar Bank. This marks the fourth real estate financing deal between Piatt and the Downtown Pittsburgh-based bank in the past 18 months.

Piatt Place was redeveloped by Piatt (then Millcraft) in 2009, transforming the Lazarus department store into a four-story, 219,812 square-foot mixed-use building with retail, office, and condominiums. The refinancing deal signals that despite the uncertainty in commercial real estate and related speculations about the future of office space, the mixed-use model provides diversification and placemaking that can help stabilize the long-term health of a property.

"This isn't just great news for Piatt Companies, it's great news for Downtown Pittsburgh," said Lucas Piatt, Chief Executive Officer of Piatt Companies. "Piatt Place was one of the early mixed-use redevelopments in Downtown's revitalization and now 16 years later, it's a staple in Downtown's culture. We look forward to continuing to invest in the city of Pittsburgh and Downtown specifically."

Piatt Place's tenants have become long-term anchors in the vitality of the district that contribute to Downtown's livability. Since opening, it has been home to the Capital Grille, McCormick & Schmick's, and Izazzu Salon, as well as the nearly 180,000 square-foot Commonwealth of Pennsylvania offices. They were joined by the Goddard School in 2015 and HealthQuest Chiropractic Associates in 2023.

Piatt Place is located at 301 Fifth Avenue in Downtown Pittsburgh.

ABOUT PIATT COMPANIES

Piatt Companies is a family of companies that invests in bringing ideas to life and creating real estate experiences that contribute to the vibrancy, resilience, and future of Western Pennsylvania. For over 65 years, the family-run business has delivered high-quality places where people in the region can thrive. Learn more by visiting Piatt.com.

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SOURCE Piatt Companies