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Laurus Corp sells Pennsylvania office building
Laurus Corp, a private real estate investment and development firm, has sold the 501 Technology Drive building in Southpointe Business Park, Canonsburg, Pennsylvania. No financial terms were disclosed for the sale of the office building. PITTSBURGH ...
Laurus Corp, a private real estate investment and development firm, has sold the 501 Technology Drive building in Southpointe Business Park, Canonsburg, PennsylvaniaNo financial terms were disclosed for the sale of the office building.
PITTSBURGH, Feb8, 2018 /PRNewswire/ — Laurus Corp., a US based private real estate investment and development firm, announced the sale of the 501 Technology Drive building in Southpointe Business Park, Canonsburg, Pennsylvania, achieving a 17.92% project level IRR and 2.32x equity multiple in five yearsThis three-story, 98,314 SF Class A office building is just 20 miles southwest of Pittsburgh CBD and is located in one of Pittsburg’s premier submarkets.
501 Technology Drive is recognized as one of the top-tier office buildings in the area, located in the premier Southpointe Business Park, an 825-acre multi-use parkThe building was 100% leased at the time of the sale, due in large part to the successful implementation of the business plan put in place in 2012 when 501 Technology Partners, LLC, an affiliate of Laurus Corpacquired the building.
“501 Technology, as an investment, is the epitome of Laurus’ ability to source institutional quality real estate and effectively implement complex value-add strategiesLaurus viewed this property as one that could potentially offer tenants a Class A office experience in one of the most coveted offices parks in the region with the right repositioning planDemand in this area is competitive, and the buyer was able to tap into a premier submarketWith a tactical renovation and reformulation of leasing strategy, Laurus was able to fully stabilize the asset as a Class A suburban office building,” said Andres Szita, Chairman of Laurus CorpToday, the building’s major tenants include Primetals Technologies, occupying 60% of the property, Siemens, and Linc Network, making this property one of the premier core acquisition opportunities in the market.
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