TriState Capital Bank to expand its footprint

A local bank has committed to the largest lease in Downtown this year as it expands its footprint in the region.

TriState Capital Bank has reached an agreement to take the entire 16th floor — nearly 22,000 square feet — at 11 Stanwix Street, the former Westinghouse building.

The office lease is the largest to be signed this year in Downtown, a market that has struggled with vacancies and a glut of subleased space because of the COVID-19 pandemic.

For TriState, the deal will boost its Downtown footprint to about 68,000 square feet. The bank also has office space at One Oxford Centre on Grant Street.

“It’s great that we’ve got a Pittsburgh-based financial institution like TriState not only expanding but expanding into additional office space Downtown,” said Jason Stewart, the Jones Lang LaSalle managing director who represented Chicago-based M&J Wilkow and a

fund managed by DRA Advisors, the building owners.

Mr. Stewart said the lease is an indication of a renewed interest by tenants in well-located space with lots of amenities.

“It’s definitely a positive sign,” he said.

The Stanwix Street corridor between Fort Pitt Boulevard and Boulevard of the Allies has been particularly fruitful of late.

Last year, for example, Dollar Bank announced that it was relocating its headquarters from Three Gateway Center to 20 Stanwix, also owned by M&J Wilkow, where it is taking 76,000 square feet.

New lease deals also have been done with other firms at 11 Stanwix, Mr. Stewart noted. He was assisted on the TriState deal by Jeff Adams, a JLL senior vice president. Hanna Langholz Wilson Ellis represented the bank.

Downtown-based TriState, founded in 2007, is Pittsburgh’s sixth largest bank. It also has offices in Philadelphia, Cleveland, New York City, and Edison, N.J.