The Henry W. Oliver Building
Oliver Building, 535 Smithfield St # 645, Pittsburgh, PA 15222
Purchased in 2011 for $12,500,000, this masterpiece of American architecture, designed by preeminent early 20th century architect Daniel Burnham, was previously the headquarters for K & L Gates as it grew into a major international law firm. When K & L Gates relocated their headquarters, the loss of a 275,000 sq. ft. tenant created a huge vacancy to fill. McKnight saw a unique opportunity to create value; by subdividing the building and developing floors 3-14 as first-class office space and floors 2 and 15-25 as an Embassy Suites By Hilton – Pittsburgh Downtown the building was uniquely situated for this type of dramatic redevelopment. Total investment in the property will exceed $80,000,000. Nearly the entire office space will be fully renovated and occupied by first class tenants. The 228 room all-suite hotel, in one of the most unique and elegant buildings in the downtown area, will be a show piece for Pittsburgh and the Hilton Brand of Hotels. It will include 15,000 sq. ft. of conference space and a sky lobby on the 25th floor with the check-in desk, restaurant, bar, swimming pool and exercise facility. The hotel will open in December of 2015. Additionally, McKnight is constructing a 600-car garage, which will include 25,000 sq. ft. of retail space, on the site of the former Saks Fifth Avenue building located directly across street. The redevelopment of Saks into a parking structure will add value to both the hotel and office tenants.