How Highwoods’ unique strategy to sell PPG Place, other Pittsburgh assets could play out

PITTSBURGH — When it comes to how Raleigh-based Highwoods Properties Inc. (NYSE: HIW) announced it was jettisoning its investments in Pittsburgh, at least one long-time observer of more than 40 years of commercial real estate in the region could say that it was new to him.

“I haven’t seen it done by anybody else that way,” said Gerry McLaughlin, executive managing director of the Pittsburgh office of Newmark.

While major investors have come and gone from western Pennsylvania real estate in the past, here was an approach that was a little different: A publicly traded real estate investment trust announcing it will divest all its properties in Pittsburgh entirely.

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