Rugby Realty President Aaron Stauber started his Tuesday morning with 45 minutes of swimming at the Rivers Club in One Oxford Centre.
“I was at work and in my office by 9:15 a.m.,” Stauber said.
He’s part of the group that now owns the 1-million-square-foot, 45-story, aluminum and glass tower at 301 Grant St., diagonally across the street from the City-County Building.
“Why would anybody be in any other building in Pittsburgh than this?” said Stauber, who leads Secaucus, N.J.-based Rugby, and lives in Miami Beach’s Bal Harbour neighborhood.
Stauber led a group of unnamed Pittsburgh investors that successfully bid $56 million to buy a loan with a $72.6 million face value that was held by the former owners of the tower, San Francisco-based Shorenstein Properties.
Shorenstein officials didn’t immediately respond to a request for comment.
Stauber’s group, Oxford Lender Fund I, took possession of the deed March 7, three days after its bid on the loan was accepted, Stauber said.
The building last sold for $148 million in 2016, according to Allegheny County records.
There are 879,000 square feet of office space, 59,000 square feet of retail and the 73,000-square-foot Rivers Club, home to the pool Stauber swam Tuesday morning.
It is about 65% occupied. Stauber expects it to be near 100% in two years, he said.
Shorenstein made improvements to the 43-year-old building’s infrastructure during its ownership.
“We get to do the fun part,” Stauber said.
He didn’t have qualms about adding another Pittsburgh building to his portfolio five years after the covid pandemic spurred a shift that transformed the way people view their work and home lives.
“When you’re buying or you own an office building, you must take (that) into account,” Stauber said.
It’s the reason part of the planned improvements include expanded recreational options, a bar, and other amenities, he said.
Stauber also owns the Gulf Tower, Koppers and Frick buildings in Downtown Pittsburgh, several others in the Cultural District and the Brickworks development in the Strip District.
