URA approves PNC buying downtown buildings

PITTSBURGH — The sale of the Skinny Building to the region’s biggest bank was approved by the board of the Urban Redevelopment Authority of Pittsburgh at its Thursday meeting.

Home Town Real Estate LLC, an affiliate of PNC Bank, is buying 241 Forbes Ave., also known as the Skinny Building, and 429-431 Wood Street, including the Roberts Building, for $1.3 million. Both are near PNC’s corporate headquarters and are slated to be used as flexible employee office space and incubator space. The URA has owned the buildings since 2013.

The approval came with contingencies, requiring PNC and/or the developer to enter into an agreement with a third-party preservationist to provide guidance and for proceeds from the sale of the building to be directed to mission-based, equity-driven investments by the URA.

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