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Faros Properties Announces Major Urban Renewal Project in Pittsburgh

Pittsburgh, PA – (May 21, 2015) – Faros Properties is proud to announce one of the largest urban renewal projects in the country, as the 1.2 million square foot office and parking complex at Allegheny Center will soon transform into a global technology hub and corporate campus known as NOVA PLACE.

The multi-million dollar renovations will feature lush indoor topography, collaborative workspaces, upgraded offices, common areas, restaurants, a fitness center, conference center, lounge and bike storage. Also included in the plan is a technology incubator to advance and promote the entrepreneurial community in Pittsburgh. Faros will transform Allegheny Center into a contemporary, first-class campus that will provide an environment for current and future tenants to inspire, educate and foster entrepreneurial growth.

This project has already attracted new tenants and has inspired current tenants to extend their leases. Innovation Works will be one of the first new tenants to join the campus. “The plans for our new home will offer us the opportunity to enhance our entrepreneurial programs – with the ability to host educational and networking events, help reclaim the promise of this urban campus, and connect to a neighborhood of passionate innovators who we hope will be enriched by the energy of our startups.” Said Rich Lunak, President and CEO of Innovation Works.

In addition to the newly planned upgrades, Faros Properties is partnering with numerous community organizations to increase outreach efforts adding further vibrancy to the neighborhood. For example, Faros is partnering with the Children’s Museum for the inaugural Maker Faire Pittsburgh, a showcase for invention, creativity and resourcefulness for all ages.

“We’re also thrilled to significantly expand our long-term commitment to the Pittsburgh region. Allegheny Center has been described as a barrier between the North Shore and the North Side. We are excited that this urban renewal project will assist in reconnecting these two important neighborhoods. Nova Place is sure to become the epicenter for all things innovative, further contributing to the region’s ongoing renaissance.” Said Jeremy Leventhal, managing partner at Faros Properties.

“We are extremely excited about what we’re unveiling today. Not only are we applying what we see corporations demanding in Boston and New York, but we are going beyond that with our plans. We feel that the environment offered by Nova Place will have a true impact on Pittsburgh companies,” added Elliot Gould, partner at Faros Properties.

Faros Properties internally manages all aspects of property operations and construction. As a result, tenants have the ability to work with management to customize their space to meet their specific needs.

Faros has already invested over a quarter of a billion dollars into the region over the past three years. In November 2012, the company acquired a controlling interest of Washington Plaza (recently renamed “City View”); the following March, Faros finalized the sale of the Allegheny Center Apartments (recently renamed “Park View”), purchasing all four of the center’s residential buildings. In November 2014, Faros assumed controlling interest of Carson Street Commons in the vibrant South Side neighborhood of Pittsburgh.

Professional tenants interested in relocating to Allegheny Center can contact Jeremy Kronman of CBRE at (412) 394-9848 or jeremy.kronman@cbre.com.

About Faros Properties LLC
Faros Properties is a real estate investment firm established by Alexander Leventhal, Jeremy Leventhal and Elliot Gould as a platform to target long-term private investment opportunities. Faros primarily targets core investments in supply-constrained markets with high concentrations of intellectual capital. Faros and its predecessor companies trace their roots to family-owned operations. The family has for over six decades been actively involved in the construction, development, acquisition, management, and financing of over 50 million square feet of real estate internationally.