CRANBERRY, PA- Griffin Capital Corp.’s Net Lease REIT has purchased a 117,968- square-foot Class A office building fully occupied by Westinghouse Electric Company at its international headquarters campus in Cranberry Township for $32.6 million, GlobeSt.com has learned exclusively.

The REIT, which is focused on acquiring business-essential single-tenant, office and industrial properties net-leased to creditworthy corporate tenants, now owns the building adjacent to Westinghouse headquarters that houses its engineers responsible for nuclear fuel products and services.

Don Pescara, managing director of acquisitions for Griffin tells GlobeSt.com the company believes the property 28 miles north of downtown Pittsburg is essential to the tenant’s business for several reasons:

• Westinghouse conducted a multi-state search in 2009 and chose the location for its new state-of-the-art, built-to-suit campus, located adjacent to three contiguous headquarters buildings.
• The property houses engineers responsible for two of the Company’s important product lines.
• Part of the building’s systems is tied directly to the adjacent headquarters.

“This acquisition satisfies our key acquisition metrics,” says Pescara. “The tenant made a long term commitment to the property; the property is essential to the ongoing business operations of the tenant; and, the tenant is financially sound and maintains a dominant market position in its industry.”