Laurus Corporation Completes Acquisition of Office Building in Pittsburgh, Pennsylvania
LOS ANGELES, Sept. 18, 2012 /PRNewswire/ -- Laurus Corporation is pleased to announce that it has successfully completed the acquisition of the 501 Technology Office Building at Southpointe Business Park, Canonsburg, Pennsylvania, a suburb of Pittsburgh. A single purpose entity, 501 Technology Partners LLC, was created to acquire the asset.
501 Technology is a three–story Class A institutional quality asset built in 2000, consisting of approximately 98,314 rentable square feet and 396 full-size parking spaces. Recognized as one of the top-tier office buildings in the area, and belongs to the premier Southpoint Business Park, an 825-acre multi-use park.
Located at the intersection of Champion Way and Technology Drive, the building fronts eastward on Technology Drive and is approximately one mile from Exit 48 (Southpointe) of Interstate 79. Immediately adjacent to many other contemporary office buildings, it is part of a growing 2.8 million square foot planned campus. Just 14 miles south of Pittsburgh (20 minutes from the city and 25 from Pittsburgh International Airport), Southpointe Business Park contains more than 150 companies including 15 headquarters or divisions of NYSE Companies and nearly 6,500 employees. The mixed-use business park has an 18 hole golf course and clubhouse, 45 office buildings, a health club, hotel and conference center, restaurants, indoor ice skating rink and soccer facility, single-family, town and patio homes.
Due to the discovery of the Marcellus Shale, Southpointe has also become home to many of the largest natural gas producers and specialty service companies related to the telecom/engineering industry-igniting job growth.
At the convergence of three rivers and banked on all sides by green hills, Pittsburgh has earned its reputation as one of America's "most livable" cities. Founded in 1758, Pittsburgh is the second largest city in Pennsylvania and the 22nd largest metropolitan area in the United States with a population of over 2.4 million people (in the 6-county region). Once known for its strong glass, iron and steel industries and called the "Gateway to the West", it is no longer defined by or dependent on the manufacturing industries that made it famous. Pittsburgh has used its natural resources, strategic location, and strong work ethic to create a vibrant new economy, and is now driven by recession resistant education, technology, medicine, finance, and tourism industries. The strength and desirability of Pittsburgh is characterized by its growing economic diversity. Pittsburgh boasts remarkably strong economic fundamentals. Due to its increasing economic base, Pittsburgh enjoys a relatively low unemployment rate of 6.8%, and the six county MSA continues to be consistently 2 points better than the national average.
Laurus Corporation is a real estate investment and development company that specializes in hotel & resorts, office buildings, multifamily and mixed-use properties. Laurus employs an entrepreneurial investment strategy designed to consistently achieve attractive risk-adjusted returns by creating capital appreciation opportunities through repositioning, restructuring, re-development and intensive post acquisition asset management.
SOURCE Laurus Corporation