"This project achieved maximum pricing for a property that two years ago was almost 70% vacant," says Richard H. Rudd, Granite's senior managing partner. Today, the property boasts a 10% vacancy rate. Greenspoint's sale makes it one of the first stabilized hotels to be sold in the nation.

Rudd told GlobeSt.com that the conversion has proven a viable "alternate use for real estate that takes advantage of location." Carrier hotels have been the hot ticket in the past year and most likely will be again this year as brokers deal with the hassle of marketing under-leased or undervalued office, retail or industrial properties. Many are prime candidates for conversion into telecom hotels. Greenspoint had been a once-thriving retail power center that had fallen on particularly hard times. The retailers are gone and in their place are high-tech tenants such as Level 3 Communications, Convergis, Cap Rock, Split Rock and Enron Broadband.

Located on 22 acres, the building was constructed in 1989. Granite Partners represented TA Associates Realty as an adviser to the owner, the Estate of James Campbell, while Yale USA used an in-house representative to negotiate.