JLL arranges $69 million recapitalization of downtown Pittsburgh trophy mixed-use tower

PITTSBURGH, May 18, 2026 –  JLL Capital Markets announced today that it has completed the $69 million recapitalization of Piatt Companies’ Tower Two-Sixty, which comprises a ground lease bifurcation sale of the land and financing of the leasehold improvements.  Tower Two-Sixty is a trophy mixed-use asset in downtown Pittsburgh, Pennsylvania, that features 130,000 square feet of Class A+ office, 14,000 square feet of ground-floor retail, the 197-key Hilton Garden Inn and a 321-space structured parking garage

JLL represented the seller, Piatt Companies, and procured the buyer for the land component, Woodbranch Investments Corp. JLL also worked on behalf of Piatt Companies to secure the leasehold financing through Dollar Bank.

“Tower Two-Sixty reflects our long-term belief in Downtown Pittsburgh and the importance of investing in high-quality urban assets that contribute to the city’s growth and vibrancy,” said Lucas Piatt, CEO of Piatt Companies. “We remain highly optimistic about the trajectory of downtown and proud of what Tower Two-Sixty represents, from the strength of the office tenancy to the performance of the Hilton Garden Inn and the unmatched location surrounding Market Square. This transaction reinforces the quality of the asset and our continued commitment to the future of Pittsburgh’s urban core.”

Tower Two-Sixty is located in the heart of downtown Pittsburgh and serves as a critical hub for hospitality, parking and office users. The property benefits from its location adjacent to the newly renovated Market Square and is easily accessible from a variety of transportation methods, including the Gateway Light Rail Station and the Pittsburgh Regional Transit bus line, both blocks from the property. 

Completed in 2016, Tower Two Sixty serves as the headquarters for Piatt Companies and is 95.6% occupied by a mix of investment grade and high-quality tenants, including JLL, McGuire Woods, The Coury Firm and Bank of America.

JLL’s Capital Markets team representing the seller was led by Senior Managing Directors Nick Unkovic and Mark Popovich.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL’s newsroom.

Piatt Companies, formerly known as Millcraft Investments, is a family of companies that invests in bringing ideas to life and creating real estate experiences that contribute to the vibrancy, resilience and future of Western Pennsylvania. For over 65 years, the family-run business has delivered high-quality places where people in the region can thrive. Learn more by visiting Piatt.com. 

Woodbranch Investments Corp. is a private real estate investment and development firm. To learn more, please visit: woodbranch.com.

As the nation's largest independent mutual bank, Dollar Bank has been empowering the communities and customers they serve for 170 years. Its more than 90 locations throughout Pennsylvania, Maryland, Ohio and Virginia provide a comprehensive range of personal, small business and corporate banking solutions. Dollar Bank continues to invest in its customers and strengthen its communities through financial education programs and partnerships with organizations who share its dedication to building opportunities for all. As of January 2026, Dollar Bank reported total assets of $12.5 billion, total loans of $9.6 billion, and total deposits of $9.7 billion. For more information, visit Dollar.Bank.

JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 113,000 as of March 31, 2026. For over 200 years, clients have trusted JLL, a Fortune 500® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information,.visit jll.com.