Federal Reserve hires Cresco to sell its Pittsburgh building

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Story originally published in bizjournals.com by Patty Tascarella.

The Federal Reserve Bank of ClevelandTuesday confirmed that it entered into a contact with Cleveland-based brokerage firm Cresco Real Estate to sell its former branch building in downtown Pittsburgh. Cresco in turn has partnered with Pittsburgh-based brokerage firm Grant Street Associates Inc., said Anne M. DiTeodoro, a spokeswoman for the Cleveland Fed, which oversees western Pennsylvania.

Last month, the Fed moved 23 employees to the new branch location in One Oxford Centre where it leased 14,079 square feet.

The building, located at 717 Grant St., once housed 300 employees. But in 2011, the U.S. Treasury Department decided to consolidate retail securities activities — the main function of the Pittsburgh staff — into the Federal Reserve Bank of Minneapolis.

Author: Grant Street Associates

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