Total Investment: $148.6 Million
GLA: 1.1 Million SF
Key Tenants / Affiliations:
Pittsburgh is a dynamic hub for the healthcare, technology and energy industries. Its high-quality universities have created a highly skilled workforce that, combined with a low cost of living, is attractive to businesses and employees. This has resulted in unemployment that is significantly below the national average and wages that are increasing. These factors have also led to improving real estate fundamentals, including increasing occupancy and rental rates in the market. Being one of the highest populations of seniors in the country, Pittsburgh is at the top of the list for health care and senior services thanks to ground-breaking technology and medical discoveries. Additionally, the Pittsburgh region offers some of the best hospitals in the nation according to publications such as U.S. News & World Report and Modern Maturity. This includes the University of Pittsburgh Medical Center (UPMC), the busiest transplant center in the world.
HTA’s initial investments in the Pittsburgh market began with the acquisition of two MOBs affiliated with the West Penn system in 2010. Given the strong performance of this market since then, HTA expanded in the region in 2012-2013. The majority of this portfolio is focused around the downtown area that has recently attracted increasing investor interest.