525 William Penn Place was one of the first skyscrapers built in Pittsburgh as part of longtime Mayor
David Lawrence's Renaissance I building initiative to rebuild downtown Pittsburgh. The building was built by the then
Pittsburgh Pirates owner
John W. Galbreath with loans from the Mellon National Bank and additional financing from insurance companies. At the time of construction, Mellon purchased floors 2–8 by deed in 1951 from John W. Galbreath. The building was designed by
Harrison & Abramovitz with construction by the
Turner Construction Company. It was built on the site of the Henry Hotel which was demolished to prepare the site for the tower in 1949. The original plan for the building was to construct the ground floors in the same architectural design as the Mellon National Bank on Smithfield Street adjacent to the skyscraper and to allow open flow of Mellon employees between the two buildings with Mellon occupying the first eight floors. This plan was later modified during construction to give the entire building its own modernist style and an open shared lobby with three elevator banks and multiple passages between the skyscraper and the Mellon National Bank on Smithfield Street. U.S. Steel leased the floors 9 through 37 for their corporation and various subsidiaries. The top floors were reserved for the T. Mellon & Sons Company, various Mellon family charities offices, and a penthouse for philanthropist
Richard King Mellon. In April 1982, Mellon Bank finally purchased the remainder of the building for $10 million (equivalent to $ in ). Mellon Bank (
The Bank of New York Mellon since 2007) remained the owner of 525 William Penn Place and the largest occupier of space at approximately half the building (approximately ). The remainder of the space is leased to various businesses and law firms with
Citizens Bank as the largest tenant occupying approximately 1/4 of the building at . Citizens Bank also leases from Mellon signage rights to the building which include the right to erect signage at the top of the tower and above the entry closest to
Fifth Avenue. In January 2015, BNY Mellon announced it would begin slowly moving employees to other space in downtown Pittsburgh and seek a buyer for the building. In September 2016 BNY Mellon, National Association sold it to FAC 525, LLC (a single purpose entity) for $67.65 million (equivalent to $ in ). ==Renovations==