UPMC buys SouthSide Works building for $25 million
UPMC purchased a four-story office building in SouthSide Works for $25 million, the health system said on Thursday.
UPMC leased the Quantum I building for the past 10 years for billing, scheduling and other administrative offices.
The purchase from South Side-based developer Soffer Organization closed Wednesday, UPMC spokeswoman Susan Manko said.
Soffer wanted to unload Quantum I as it deals with a $49.6 million loan default on the building and two others in SouthSide Works.
Soffer officials could not be reached for comment.
UPMC does not plan to request a property tax exemption for the building, in which about 900 UPMC employees work, Manko said. Western Pennsylvania's dominant health system is the only tenant.
UPMC is the largest private landowner in Allegheny County.
Soffer teamed with Pittsburgh's Urban Redevelopment Authority to develop the 34-acre, $300 million SouthSide Works, with offices, retailers and residences on the site of a former LTV Steel site.
The office occupany rate at the development, which includes the corporate headquarters for clothier American Eagle Outfitters, was about 95 percent on June 30.
Alex Nixon is a staff writer for Trib Total Media. He can be reached at 412-320-7928 or firstname.lastname@example.org.
Add Alex Nixon to your Google+ circles.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Burnett pitches well in farewell, but Pirates lose to Reds
- More employers adopt generous leave policies
- Pa. spends millions on death penalty cases that rarely end in execution
- Steelers cut Scobee, sign free agent kicker Boswell
- Starting 9: How can the Pirates catch the Cardinals in the future?
- Are Pirates better positioned to win it all this postseason?
- Pirates fans on edge as season again coming down to wild card
- Steelers notebook: Safety Mitchell shrugs off Ravens WR’s comments
- New book credits Nunn for Steelers’ 1970s success
- Steelers film study: Team finds success blitzing members of secondary
- Kessel addition, better health could have Pens scoring like it’s 1990s