Namdar's Gateway Center Play Clears Foreclosure Hurdle

Namdar Realty Group has taken control of the mortgage on Gateway Center at 420 Fort Duquesne Boulevard, positioning the firm over one of Downtown Pittsburgh's largest office complexes. The four-building complex totals roughly 1.47 million square feet, and Three Gateway Center, a 25-story tower, is being marketed for residential conversion.

Namdar acquired the distressed $91.81 million mortgage for about $37.44 million. Prior owner Hertz Investment Group defaulted, and Wells Fargo filed for foreclosure in October 2024. The mortgage transferred to Gateway Center Holdings, a Namdar entity, on June 29, 2026. In October 2026, a judge ordered a judgment in mortgage foreclosure, clearing the way for a sheriff's sale.

The complex, comprising One, Two, Three and Four Gateway Center, dates to the 1950s. One, Two and Four Gateway Center contain 1,009,556 square feet of office space. Three Gateway Center is a roughly 415,000-square-foot tower standing 344 feet. The complex's plazas include a fountain.