PITTSBURGH, PA — Lionstone Investments and Walnut Capital announced their recent acquisition of the Pittsburgh Athletic Association clubhouse on behalf of institutional investors. Completed in 1911, the five-story building sits on a three-quarter-acre site at Fifth Ave. and Bigelow Blvd. Plans for the property include restoration of the exterior façade and well as complete interior renovations and updates. The property is centrally located in Pittsburgh’s new Oakland Innovation District, adjacent to the University of Pittsburgh’s Cathedral of Learning, Carnegie Mellon University, and UPMC’s Hospitals and Research Campus. Until recently, it had served as the clubhouse for the Pittsburgh Athletic Association (PAA), founded in 1908. Unfortunately, as the social club’s membership declined over the years, the structure fell into decay. “The building’s prime location at the heart of Pittsburgh’s university and medical markets, its historical significance, and the area’s high demand for real estate made this an appealing investment,” said Lionstone Investments co-founder and Head of Capital Formation Dan Dubrowski. “We are excited to be able to partner with Walnut Capital to restore an architectural gem and deliver new, best-in-class mixed-use real estate to the community.”