HRPT Properties sells Pittsburgh-area medical office building as part of portfolio sale
Pittsburgh Business Times
The owner of a number of high-profile Pittsburgh office developments has sold a prominent medical office building three blocks from UPMC Shadyside.
Newton, Mass.-based HRPT Properties Trust, a real estate investment trust, sold the 75,000-square-foot building, at 5750 Centre Ave., as part of a nationwide portfolio sale to its former subsidiary, Senior Housing Properties Trust, for more than $15 million or about $200 per square foot, according to the Allegheny County Department of Real Estate.
The property, which HRPT purchased in 1998 for $10.1 million, was built in 1964 and renovated in 1997.
Newton, Mass.-based Senior Housing Properties Trust, a real estate investment trust created as a subsidiary of HRPT in 1998 to own senior living properties, was spun off from HRPT in 1999.
The portfolio, which was sold for a total of $565 million, included 48 buildings in 12 states, including the District of Columbia.
HRPT is presently marketing Westinghouse Electric Co.'s Monroeville campus for sale. The company also owns seven office buildings at the Cherrington Corporate Center on the Parkway West and nine buildings at the Foster Plaza office park in Green Tree.
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