The 191,612-square-foot, four story Federal North is two blocks away from Allegheny General Hospital, which occupies about 85% of the building, which is 99% leased. Services in the building include orthopedics, urology and radiology.
Allegheny's tenants have an average weighted lease term of more than 10 years, and that was one of the features that attracted Heathcare Trust to the acquisition, says Mark Engstrom, the firm's executive vice president of acquisitions, says in a release. He also cites its location, which is a mile north of the city's Central Business District.
The building was constructed in 1999. Silk & Stewart and Madison Realty acquired the building in 2002 for $14.5 million, reports the Pittsburgh Business Times.
In its first quarter, Healthcare Trust acquired $146.3 million of assets involving 13 medical office building totaling 673,000 square feet. So far this month, it acquired two assets, one in Mount Pleasant, SC, for just over $10 million, and another in Baltimore for $29.2 million.
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