Piatt Companies’ 350 Oliver Avenue has 570 spaces and 23,000 SF of ground floor retail
News release
27 June 2024
JLL arranges $23.4 million recapitalization of Pittsburgh parking garage
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PITTSBURGH, June 27, 2024 – JLL Capital Markets announced today that it has completed the $23.4 million recapitalization of Piatt Companies’ 350 Oliver Garage, which comprised a ground lease bifurcation sale of the land and financing of the leasehold improvements. 350 Oliver Garage is a 570-space parking garage with 23,000 square feet of ground floor retail in downtown Pittsburgh, Pennsylvania.
JLL worked on behalf of the seller, Piatt Companies, and procured the buyer for the land component, Woodbranch Investments Corp. JLL also worked on behalf of Piatt Companies to secure the leasehold financing through Dollar Bank.
350 Oliver Avenue is located in the heart of downtown Pittsburgh and serves as a critical parking garage for many of the nearby employers, restaurants and cultural attractions, including Heinz Hall for the Performing Arts, Harris Theater, Benedum Center for the Performing Arts and O’Reilly Theater.
Completed in 2017, 350 Oliver Avenue offers parking on floors two through seven of the structure and fully leased retail on the ground floor. The air rights above the property were not included in the sale.
JLL’s Capital Markets team was led by Senior Managing Director Mark Popovich and Senior Director Nick Unkovic.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL’s newsroom.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 108,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Piatt Companies
Piatt Companies (formerly Millcraft) is a Western Pennsylvania real estate developer and management company with a sixty-year history of successfully creating and maintaining prominent large-scale office, retail and mixed-use developments. For more, please visit: piatt.com.
About Woodbranch Investments Corp.
Woodbranch Investments Corp. is a private real estate investment and development firm. To learn more, please visit: woodbranch.com.
About Dollar Bank
Dollar Bank was founded in 1855 and it is an independent community bank. Dollar Bank has grown to become the largest mutual bank in the country, serving customers in western Pennsylvania, northeast Ohio, the Hampton Roads region of Virginia and southwestern Maryland.