Pennsylvania's largest nongovernment employer has renewed a lease for nearly 725,000 square feet across eight buildings in the state's central region.
The deal with medical provider UPMC comes as Pennsylvania's healthcare sector grows. In Pittsburgh, tenants like Allegheny Health Network, Excela Health and Highmark have contributed to a 3.1% growth in health services over the last 12 months, CoStar data shows. And in Philadelphia, education and healthcare companies account for 23% of employment, and lead in high-value transactions for owner-user buyers in regard to health services.
UPMC signed the "long-term" deal for clinical office space totaling 724,096 square feet, the news release said. The identified the building addresses for CoStar News:
- 2025 Technology Parkway, Mechanicsburg
- 2005 Technology Parkway, Mechanicsburg
- 2015 Technology Parkway, Mechanicsburg
- 205 S. Front St., Harrisburg
- 2501 N. Third St., Harrisburg
- 2645 N. Third St., Harrisburg
- 4300 Londonderry Road, Harrisburg
- 4310 Londonderry Road, Harrisburg
“The medical office market remains one of the most resilient and in-demand sectors in commercial real estate, and this deal is a clear reflection of the growing need for well-located, purpose-built spaces that support healthcare providers’ operations and patient care."
UPMC employs about 100,000 people and made $28 billion in revenue during 2023. According to its website, the nonprofit operates 40 hospitals and 800 doctors’ offices and outpatient sites, among other care facilities.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.