Rugby Realty Acquires Iconic Koppers Building in Downtown Pittsburgh
Rugby Realty has acquired the 34-story Koppers Tower in downtown Pittsburgh from Koppers Building Holdings, Inc. According to the Pittsburgh Post-Gazette, the New Rochelle, N.Y.-based company paid $17.2 million to purchase the 360,000-square-foot historic building at the corner of Grant Street and Seventh Avenue.
Built in 1929 and designed by Chicago architecture firm Graham, Anderson, Probst and White, the property is now 70 percent occupied. The Koppers Co., the Allegheny County Bar Association, the Blumling & Gusky law firm and the Horovitz, Rudoy & Roteman accounting firm are among its tenants.
Rugby Realty plans to upgrade the art deco skyscraper and boost occupancy. The renovation will include the complete rehabilitation of the currently vacant 24, 25 and 27 floors, a new fitness center and a remodeled ninth-floor conference room.
The company’s other landmark properties on Grant Street include the Frick Building and the Gulf Tower.
“I’m smiling. I love great architecture. To be able to own the buildings that we own, I’m humble and proud at the same time. These architects built the finest buildings in the world. To be able to own these is a real privilege,” Aaron Stauber, Rugby’s president, told the newspaper.
Rugby Realty has improved the occupancy rate of several underachieving properties in Pittsburgh, including 11 Stanwix (the former Westinghouse building), the Frick Building, three Penn Center West buildings or the former Birmingham Towers.
In other news, Atlanta-based Hotel Equities will manage the 145-room La Quinta Inn & Suites Pittsburgh North. The hotel is the company’s first addition in the greater Pittsburgh area.
Located north of downtown, the property offers easy access to the Ross Park Mall, North Hills Village, Heinz Field, PNC Park and the Carnegie Science Center. Amenities include 7,000 square feet of meeting or event space, as well as a fitness center and a seasonal outdoor pool.
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