Douglas Jemals’ Douglas Development is taking ownership of a downtown building after buying the mortgage last year on the property following a default. In Pittsburgh. Following a route similar to the acquisition of Buffalo’s Hyatt hotel, Douglas Development now owns Centre City Tower at 650 Smithfield Street in downtown Pittsburgh. The firm obtained title after offering the highest bid at a sheriff’s sale auction on Monday.
The 26-story, 362,000 sq.ft. building was constructed in 1971. It is expected to remain office space with upgrades to the building being planned.
Norman Jemal, a principal of Douglas, told the Pittsburgh Business Times:
“We were the successful bidder,” said Jemal, in a brief phone conversation after the sheriff’s sale auction had concluded.
In January, Douglas Development unveiled plans to repurpose a building at 642 Fort Duquesne Boulevard into 137 apartments (above). The long-vacant, nine-story building totals 162,000 sq.ft. and is currently owned by Dallas Mavericks’ owner Mark Cuban.
Entry image from Loopnet, 642 Fort Duquesne image from Pittsburgh Post Gazette