Pittsburgh's Station Square Changes Hands

WS Development Takes Over

WS Development, a real estate company from Massachusetts, has acquired Pittsburgh's large Station Square complex. The property includes restaurants, entertainment spots, and offices.

Jeremy Sclar, the company's leader, is excited about the purchase. He appreciates the history of Station Square and aims to enhance its appeal.

Details of the Deal

• WS Development owns multiple properties across the United States.
• The purchase price for Station Square was not disclosed, which is common in real estate transactions.

Challenges Faced by Station Square

• Financial Troubles: Last year, lenders demanded $143 million from the previous owner, Brookfield Properties, due to a mortgage foreclosure lawsuit.
• Business Closures:
• Buca di Beppo and Joe’s Crab Shack closed their Station Square locations.
• The Hard Rock Cafe also shut down earlier this year.

The Future of Station Square

WS Development plans to bring in new partners and improve the complex, but specific details about their plans are not yet available.

The success of these efforts remains to be seen, as the complex struggles to regain its former vibrancy.