SF Partners Acquires Foster Plaza Nine Office Building In Green Tree For $11M

Florida-based SF Partners has acquired Foster Plaza Nine in Green Tree, a suburban office property located at 750 Holiday Drive in Pittsburgh. The office building, spanning 186,000 square feet, was sold by Sterling American Property Inc. for a purchase price of $11,000,000, equating to a price per square foot of $59. The transaction was facilitated by Gerry McLaughlin of Newmark, who represented both the buyer, SF Partners, and the seller, Sterling American Property Inc.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $11,000,000
• Square Footage: 186,000
• Address: 750 Holiday Drive
• Market: Pittsburgh

This transaction signifies SF Partners' confidence in the suburban office market, as they believe that companies are increasingly moving away from downtown areas. Despite the ongoing challenges caused by the pandemic, SF Partners remains optimistic about the future of the suburban office sector.