When UPMC paid $10 million in 2006 for the old Ford Motor Co. building on Baum Boulevard in Bloomfield, jaws dropped at what some considered an exorbitant price, even for a local landmark.
The sale “sort of stopped purchasing for a while because a lot of people thought they could get rich, too,” Pittsburgh Councilman Bill Peduto said. “They thought that if they held out, UPMC would knock with a check with a couple of extra zeroes.”
People did indeed get rich following the sale of the 1915 building that once served as a Ford assembly plant and showroom, but not by holding out as a way to take advantage of the $10 billion health care giant.
They simply owned the right property at the right time when UPMC, with its deep pockets, made a strategic decision to establish a larger East End footprint.