A Philadelphia-based investment and wealth management firm that opened an office in Pittsburgh last year has finally found a home.
Glenmede Trust Company has signed a lease to take 7,989 square feet of space on the third floor of the Union Trust Building, a Grant Street landmark built by industrialist Henry Clay Frick.
The firm plans to move into the space next month, about a year after announcing that it had established a private wealth office in Pittsburgh. The staff has been working remotely over the last year.
Glenmede is the latest addition to the historic Union Trust Building, which was bought at sheriff’s sale for $14 million in 2014 by The Davis Companies, a Boston-based real estate investment, development and management firm.
“We continue to be gratified by the great market response we’ve had for the property, especially from institutional quality tenants like Glenmede,” said Jonathan Davis, CEO and founder of The Davis Companies.
Mark Busher, managing director/regional director of Glenmede’s Pittsburgh office, said in a statement that the move “is emblematic of Glenmede’s longstanding commitment to the Pittsburgh community.”
“We are thrilled to move our Pittsburgh office into the iconic Union Trust Building and look forward to the opportunities this new office space will provide for our team,” he said.
Glenmede was founded in 1956 as a trust company to serve as fiduciary and investment manager for the Pew family’s charitable interests. Clients include individuals, families, endowments and foundations.
The lease signing will raise the office occupancy of the Union Trust Building to about 90%. When The Davis Companies first took over the 11-story structure, the occupancy was about 39%.
Since then, The Davis Companies has spent more than $100 million restoring and rehabbing the real estate. It also has filled all of the street-level retail space, which was mostly vacant when it bought the property.
“It’s been a great leasing success. We literally could not be more pleased,” Mr. Davis said.
Union Trust is now “down to next to nothing” in terms of remaining office space, he added, with a few small spaces still available.
The Buchanan Ingersoll & Rooney law firm, which moved into the building in 2019 from One Oxford Centre, also has an option for about 20,000 square feet. It currently occupies about 140,000 square feet.
On the retail side, Ritual House, a new restaurant operated by the Coast & Main Seafood and Chophouse in Monroeville is expected to open in the fall, along with Del Frisco’s Double Eagle Steakhouse.
Glenmede also has locations in Ohio, New Jersey, New York, Florida, Delaware and Washington, D.C.
Mark Belko: mbelko@post-gazette.com or 412-263-1262.
First Published: April 19, 2022, 10:00 a.m.
Updated: April 19, 2022, 10:06 a.m.