The 191,612-square-foot, four story Federal North is two blocksaway from Allegheny General Hospital, which occupies about 85% ofthe building, which is 99% leased. Services in the building includeorthopedics, urology and radiology.
Allegheny's tenants have an average weighted lease term of morethan 10 years, and that was one of the features that attractedHeathcare Trust to the acquisition, says Mark Engstrom, the firm'sexecutive vice president of acquisitions, says in a release. Healso cites its location, which is a mile north of the city'sCentral Business District.
The building was constructed in 1999. Silk & Stewart andMadison Realty acquired the building in 2002 for $14.5 million,reports the Pittsburgh Business Times.
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