HTA Closes on $39M Pittsburgh Acquisition

Healthcare Trust of America (HTA), Inc., a self-managed, non-traded national REIT, has closed on its acquisition of the Alcoa Business Services Center in Pittsburgh for $39 million, or $170 per square foot, from The Rubinoff Company.

Formerly known as the West Penn Allegheny Building, the property is located along Pittsburgh's North Shore at 30 Isabella St., adjacent to PNC Park and one mile from the Allegheny General Hospital campus.

Constructed in 2003, the six-story, 228,870-square-foot, class A office building is currently 91-percent occupied, and will become fully leased in January as the new owner welcomes Allegheny General Hospital (AGH) to the tenant roster.

The REIT was originally expected to pay approximately $41.34 million, or $180 per square foot, for the property.

"This is our second acquisition associated with AGH and demonstrates our continued ability to execute relationship-driven transactions in today’s competitive marketplace," stated Mark D. Engstrom, executive vice president of acquisitions for HTA. "This is a great asset in a great market that has stable tenancy for the next 15 years, which is consistent with our investment strategy."

Please see CoStar COMPS #2002689 for additional information on this transaction.