2000 Park Lane Drive
Pittsburgh, Pennsylvania
Property Income Advisors, Inc., advising a Gulf-Based client, purchased 2000 Park Lane Drive, a 234,859 square foot, seven-story, Class A office property located in Pittsburgh, Pennsylvania. Park Lane was acquired for $41.4 million, which equates to $176 per square foot.
The LEED Certified office property, constructed in 1993, was 91% leased at closing with Cigna (an S&P A rated global health services company) occupying 67% of Park Lane and Cabot Oil (a natural gas provider with significant operations in the region) occupying another 24% of the property. Park Lane is strategically located twelve miles west of the Pittsburgh CBD and six miles east of the Pittsburgh International Airport within the city’s largest and most vibrant suburban office market – Parkway West.
This investment will generate very strong current income and provide the opportunity for an above-average capital gain with the leasing of the existing vacancy and as the lease expirations are addressed over the holding period. The price per square foot is well-below replacement cost and this low basis will help to limit downside market risk.
Responsibilities: Acquisition, Financing and Asset Management