Burns Scalo buys back original Southpointe office property it built
October 19, 2018
Pittsburgh Business Times
Burns Scalo Real Estate didn't have to do much research for its latest acquisition.
The company announced that it has bought the 90,000-square foot Fountainhead building located near the entrance of Southpointe, a property it developed 15 years ago and eventually sold but has continued to manage.
According to an announcement by the company, Burns Scalo paid $18 million for the Fountainhead, which translates to a healthy $200 a square foot, for a building that is fully leased and features amenities that include a waterfall, outdoor eating areas, balconies, and fish ponds in a campus setting.
Tenants in the building include Crown Castle, NVR, and Ayco.
Jim Scalo, president and CEO of Burns Scalo, called the Fountainhead "the best building in Southpointe" in a prepared statement.
The company indicated it is actively scouting for other buys in the office market, seeking office properties in the range of 100,000 square feet to 500,000 square feet.
The building was previously owned by a controlling interest of Philadelphia-based Macguire & Partners Property Group.