PITTSBURGH — Plans for a new multi-use office tower were announced Monday in a joint venture between FNB Corporation, Pittsburgh Arena Real Estate Development LP and the Buccini/Pollen Group.
The FNB Financial Center, the first office tower built in the city since 2015, will feature 26-stories and 547,888-square-feet of office space and will be constructed on a portion of the 28-acre Lower Hill Redevelopment site where the former Civic Arena used to stand.
According to a release from Gov. Tom Wolf’s office, FNB has committed to investing more than $220 million into the project and more than 45 percent Minority/Woman-Owned Business Enterprise participation in the total development effort, and the building will create 160 new jobs and would bridge the historic Hill District neighborhoods with the central business district.
“FNB’s decision to maintain its headquarters in Pittsburgh is a testament to the city’s status as a headquarters-friendly location, and this development will provide a critical anchor to a major redevelopment site in the City of Pittsburgh, strengthening local talent attraction and retention efforts,” Gov. Wolf said in the release. “This development will provide more than just a safe, state-of-the-art working space for thousands of employees in Western Pennsylvania, it will benefit the surrounding community and actively engage minority and women-owned businesses in the area.”
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FNB will consolidate headquarters staff into the new tower.
This project would be the first development on the site and is expected to open in 2023.
“The FNB Financial Center project launches one of the largest urban development initiatives in the nation and is a catalyst to drive continued growth, innovation and efficiency for our organization and success for our region,” said Vincent. J. Delie, Jr., Chairman, President and Chief Executive Officer of F.N.B. Corporation and First National Bank of Pennsylvania. “Our project required thoughtful collaboration with state and local government as well as our business partners and members of the community, and we are excited that this development will provide significant value and opportunities for all of our stakeholders.” With roots dating back to 1864, FNB today has total assets of more than $37 billion and a network of approximately 350 branches. F.N.B. Corporation (NYSE: FNB), the holding company for First National Bank of Pennsylvania, had been headquartered in Pittsburgh in 2014.
The Buccini/Pollin Group, Inc. is a privately held, full-service real estate acquisition, development, and management company that develops and acquires hotel, office, residential, retail, and parking properties.
Pittsburgh Arena Real Estate Development LP is the development arm of the Pittsburgh Penguins.
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