Three Downtown buildings are pulled from the market

COVID-19 has derailed plans to sell the Law and Finance Building and two others Downtown.

The Ewing family has decided to retain ownership of the 21-story Law and Finance Building at Fourth Avenue and Cherry Way; the 4 Smithfield building at Smithfield Street and Fort Pitt Boulevard; and 100 Ross, which had been under contract to be sold but no longer is.

Jason Campagna, managing director of SVN Three Rivers Commercial Advisors, which had been marketing the properties, said the family is “planning to retain the buildings for the foreseeable future.”

The Ewings had hoped to sell the assets and move into industrial real estate as part of a shift in their portfolio. But they decided to change course after the pandemic hit, disrupting the real estate market and creating uncertainty throughout the industry.

Mr. Campagna said the Ewings had received multiple sold offers for the properties, but chose to hold on to them because of the state of the market. “They feel they will be better suited to achieve the strongest offers once the uncertainty has subsided,” he said.

The family had been seeking $12.6 million for the Law and Finance Building, which was built in 1928 and is currently 82% occupied. It is home to law firms and finance-related businesses.

First-floor retail tenants include Bruegger’s Bagels and a Vitalant blood donation office.

The Ewings paid $3.2 million for the building in 2006.

They had been seeking $5.85 million for the 12-story 4 Smithfield Building, which they bought for $450,000 in 1996. Built in 1920, it is currently 73% occupied.