Philips Sleep and Respiratory Care Business, headquartered in Western Pennsylvania, has officially reached an agreement with Walnut Capital Partners to acquire about 200,000-sq-ft of office space in the next phase of Pittsburgh’s Bakery Square.

Philips has been actively seeking to strategically locate its associates in Western Pennsylvania closer to universities, medical centers, research partners, and other innovation leaders within the greater-Pittsburgh region, creating opportunity to leverage the energy and growth of the Pittsburgh Innovation District. Working in close proximity to these organizations will enable Philips to incubate partnerships and, ultimately, accelerate its ability to develop new solutions to drive the future of health technology.

Following the successful relocation of 125 associates to a new, custom-designed space in Oakland’s Schenley Place in 2017, Philips identified Bakery Square as the best option to meet the space and location needs of this final step in its phased strategic relocation program. When the new office space is complete, Philips plans to relocate approximately 1,250 associates to the new location.

Philips Sleep and Respiratory Care has more than 1,700 regional employees. Its manufacturing, distribution, and service associates and facilities will remain in their current locations in Westmoreland County.