Faros Properties Announces Plans For Alloy 26
Pittsburgh, PA – (September 9, 2015) – Faros Properties is proud to announce Alloy 26, the largest collaborative workspace in Western Pennsylvania. Located in the heart of Pittsburgh’s North Side at Nova Place, Alloy 26 is slated to open early 2016. This 50,000 square foot workplace, with a technology incubator component, will accommodate more than 300 occupants, providing companies with flexible office space, amenities, and a community to help them build and develop the “next wave of industry leading products.”
Why the name Alloy 26? An alloy is a fusion of different metallic elements mixed together to form something stronger, and steel is an alloy of iron, holding the atomic number 26. “We acknowledge the early entrepreneurs in Pittsburgh’s steel industry, who were critical drivers for industrialization in the United States,” said Mike Woycheck, Operations Director of Alloy 26. “Alloy 26 is our way to honor Pittsburgh’s great past while also helping to foster the future of Nova Place as a leading center for innovation and wide reaching collaborations.” “We are honored and thrilled to have Mike Woycheck help lead the charge at Alloy 26,” said Jeremy Leventhal, Faros Properties’ managing partner.
Mike Woycheck is a 1997 graduate of Pennsylvania State University with an MIS (Management Information Systems) degree and most recently Partner Operations Manager in Google’s Channel Intelligence group. With nearly 20 years of experience, Woycheck will utilize the expertise he developed while part of the team that started and operated the nationally ranked and recognized Pittsburgh startup accelerator AlphaLab. Woycheck added, “Alloy 26 will offer members the ability to rent desks or offices for work while having the opportunity to participate in events in and around the Nova Place campus. The dense concentration of technical, creative, and entrepreneurial skills will create a vibrant community of innovative professionals within a great work environment.”
Alloy 26 will also offer early-stage companies the opportunity to apply for a fellowship program which will allow members to enjoy space, amenities, and visibility at Alloy 26 at no cost. It is expected that twelve to fourteen companies will participate in this program. Fellowships will be offered biannually, planned for the Winter and Summer. Alloy 26 looks forward to attracting some of the best and brightest companies both regionally and nationally.
Faros has 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 City View Apartments (formerly “Washington Plaza”); the following March, Faros finalized the sale of the Park View Apartments (formerly “Allegheny Center Apartments”). In November 2014, Faros assumed controlling interest of Carson Street Commons in the South Side neighborhood of Pittsburgh.
On May 21, 2015, Faros Properties proudly announced 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.
For more information, or for companies seeking immediate, flexible office solutions, visit www.alloy26.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. www.farosproperties.com