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CMBS Loan Backed by Pittsburgh’s Gateway Center Liquidates at $65M Loss
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Commercial Observer
An iconic office complex in the City of Bridges has hit a dead end.
The $92 million commercial mortgage-backed securities (CMBS) loan secured by Gateway Center, an iconic office complex in Downtown Pittsburgh, has liquidated via a note sale, resulting in a $64.8 million loss to the CMBS trust, according to an alert from Morningstar Credit.
Gateway Center’s four office buildings reported occupancy as low as 55 percent in March 2024.
Spanning 1.5 million square feet of office space across One Gateway Center, Two Gateway Center, Three Gateway Center and Four Gateway Center, the stainless steel and glass development opened in stages between 1952 and 1960.
At the time, the 23-acre Gateway Center commercial district was known as “the nation’s first comprehensive downtown redevelopment accomplished without federal aid,” according to the Pittsburgh History & Landmarks Foundation.