PITTSBURGH, PA – HFF announced today that it has closed the sale of Penn Avenue Place (top left photo), a 558,000-square-foot, Class A office building in Pittsburgh’s central business district.
HFF marketed the property exclusively on behalf of the seller, an affiliate of Oxford Development Company. Healthcare Trust of America, Inc. purchased the property for $54 million.
Penn Avenue Place is located at 501 Penn Avenue in Pittsburgh’s Golden Triangle district, near Allegheny General Hospital. Originally built in 1907, the eight-story property was renovated in 1997 and is 99.6 percent leased to tenants including Highmark, Inc.
The HFF investment sales team representing the seller was led by senior managing director Mark Popovich (middle right photo).
Oxford Development Company is one of the largest privately-owned real estate services firms in Pennsylvania with its headquarters in Pittsburgh. The company provides a wide variety of real estate development, asset/property management, real estate brokerage and investment advisory services.
Healthcare Trust of America, Inc. is a fully integrated, self-administered, self-managed real estate investment trust. Since its formation in 2006, HTA has built a portfolio of acquisitions that totals approximately $2.4 billion based on purchase price and is comprised of approximately 11.5 million square feet of GLA/
Contacts:
No comments:
Post a Comment