Local News

K&L Gates building in downtown Pittsburgh reportedly facing foreclosure sale

February 21, 2024 / 7:59 AM EST / CBS Pittsburgh

CBS News Pittsburgh

PITTSBURGH (KDKA) - A downtown building is now facing a possible foreclosure sale.

According to our news partners at the Pittsburgh Post-Gazette, the owner of the K&L Gates Building consented to a foreclosure in January.

The 37-story office building, also known as One Oliver Plaza, owed nearly $59 million on the mortgage when it hit its maturity date in December.

According to the Post-Gazette's report, the building has a 78% occupancy rate.

The main tenant, K&L Gates law firm, is also looking to leave as their lease with the building ends at the end of 2024.

Pittsburgh

Patrick Damp

Patrick Damp is a web producer for CBS Pittsburgh. A Pittsburgh native who grew up watching KDKA-TV, Patrick studied journalism at Indiana University of Pennsylvania. After half a decade in sports communication, Patrick decided to pursue his dream of working in journalism in his hometown and joined the CBS Pittsburgh team in 2019.