PITTSBURGH — After hinting about a coming deal for a couple months now, Lubert-Adler Partners L.P. announced that it has a signed deal with Burlington Stores to join Target with a new location at the Philadelphia real estate firm’s Kaufmann’s redevelopment on Smithfield Street downtown.
Burlington, likely downtown Pittsburgh’s biggest retailer by square footage, is expected to leave its long-time downtown location in the Heinz 57 Center a few blocks away at Smithfield and Sixth Street to help to reestablish some retail vitality in the historic department store building.
Leonard Klehr, vice chairman, Lubert-Adler Partners, L.P., said of the deal in a prepared statement: “The retail leasing environment has had a number of challenges over the past 16 months. While it took a little more time and effort, both Burlington and Lubert-Adler stayed committed to getting the deal across the finish line.”