James Reed Building
| James Reed Building | |
|---|---|
 James Reed Building on 6th Avenue in Pittsburgh, Pennsylvania | |
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| General information | |
| Type | Hotel |
| Location | 435 Sixth Avenue, Pittsburgh, Pennsylvania |
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| Completed | 1902 |
| Owner | PMC Property Group |
| Height | |
| Roof | 106 ft (32 m) |
| Technical details | |
| Floor count | 9 |
| Floor area | 181,348 sq ft (16,847.8 m2) |
The James Reed Building or the Reed Smith Building is a historic building in Pittsburgh, Pennsylvania. Built in 1902, it was designed in the Beaux-Arts architecture style.
Architectural design and history
[edit | edit source]This building was named after James H. Reed, an American judge and founder of the Reed Smith law firm, which was the building's primary tenant for many years.[1]
Reed Smith bought the nine-story building in 1984 for $5.82 million as 435 Sixth Ave Associates.[2] In 2007 Reed Smith decided to relocate its corporate headquarters to Three PNC Plaza and sell the building, which had a market value of $16.78 million. The downtown Pittsburgh office vacancy rate at the time was 20%, driving down the value of the building. In October 2008, the building was purchased by Mika Realty Group of Los Angeles for $6.5 million. [3] Mika Realty, owned by Michael Kamen and Gerson Fox, purchased the building under the name 600 William Penn Partners LLC.[4] Kamen and Fox also purchased the nearby Union Trust Building 6 months prior.[3]
In 2009, Reed Smith law firm moved its corporate headquarters to Three PNC Plaza.[4] Mika Realty was never able to find a tenant to replace Reed Smith, the building remained vacant, which led to bankruptcy in 2011.[5][6] PMC Property Group purchased the building in September 2012 for $5.5 million in a U.S. Bankruptcy Court auction in Los Angeles.[7]
The building was redeveloped into a 249-room Hotel Monaco, opened in January 2015.[8][9]
References
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