May 08--M&J Wilkow Ltd. of Chicago, which purchased the Waterfront shopping complex in the Homestead-West Homestead-Munhall region last October, is planning to buy the vacant Federal Reserve Bank building Downtown.

The company disclosed Wednesday that it had an agreement to buy the 12-story building for an undisclosed price from the Federal Reserve. The Fed staff relocated about a year ago to One Oxford Centre, Downtown.

"We should close within 40 days on the property which we have obtained a sales agreement," said Martin Sweeney, M&J's vice president of acquisitions, who made the announcement at an Urban Land Institute panel discussion at the Rivers Club.

June Gates, a spokeswoman for the Federal Reserve Bank of Cleveland, which oversees the Pittsburgh operations, declined to comment.

M&J may convert the building into an office building or a boutique hotel, Sweeney said. He said that the company will probably use a partner to complete the deal but did not identify one.

"This would make a great place for a data center since the building has major vaults," he said.

Among changes planned for the building are a 3,000-square-foot roof top deck, installing a fitness center, gutting the interior but not touching the mechanical systems which are modern and efficient.

Sweeney said his company continues to seek other acquisitions in the Pittsburgh region.

M&J teamed with Big Shopping CentersUSA of California to purchase the Waterfront for a reported $110.1 million.

Sam Spatter is a staff writer for Trib Total Media. He can be reached at 412-320-7843 or [email protected].

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