PITTSBURGH-Healthcare Trust of America Inc. has acquired an office building here for around $39 million. The Allegheny General Hospital Building, as it’s known, is a 229,000-square-foot, class A office building, which is located less than one mile from the actual hospital itself.
AGH--the flagship hospital in the West Penn Allegheny Health System--is a 724-bed academic center that has been open since 1885. The AGH Building is also located adjacent to PNC Park, home of the Pittsburgh Pirates, and along the shore of the Allegheny River.
The six-story, multi-tenant building was constructed in 2003 and includes a 100-space subterranean parking structure. Upon close, the AGH Building is approximately 91% leased and will be 100% leased for 15 years beginning Jan. 1, 2011.
“This is our second acquisition associated with AGH and demonstrates our continued ability to execute relationship-driven transactions in today’s competitive marketplace,” says Mark D. Engstrom, executive vice president of acquisitions for HTA. “This is a great asset in a great market that has stable tenancy for the next 15 years, which is consistent with our investment strategy.”
Since January, HTA has acquired approximately $383.5 million in medical office and healthcare related assets. These acquisitions involve around 1.77 million square feet of gross leasable area, which is close to 98% leased.
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