Commercial real estate investment trust Healthcare Trust of America recently announced it had purchased Penn Avenue Place for close to $54 million.
The commercial real estate office property is located in Pittsburgh, and contains approximately 558,000 square feet of space, according to the report. The building was initially constructed in 1907 and was remodeled in 1997. It is almost completely leased and is mostly occupied by Highmark, an affiliate of Blue Cross and Blue Shield. Highmark recently signed a 10-year lease that began at the start of 2012.
"The Penn Avenue Place acquisition continues our investment strategy of acquiring quality assets with strong credit rated tenants", stated Mark Engstrom, executive vice president of acquisitions for HTA. "Our relationships with leading healthcare providers are enhanced by our third acquisition in Pittsburgh and we continue to see strong market fundamentals for Pittsburgh in the region."
Healthcare Trust of America was created in 2006 and has a portfolio worth approximately $2.4 billion, the report added. The portfolio spans approximately 12 million square feet of gross leasable space. The company has interests in more than 25 states.