The REIT will continue to recycle capital with property purchases and sales and stock repurchases, according to the chief operating officer. The firm has a portfolio of 88 office and industrial properties that encompasses about 14 million sf in 19 metro areas.
Among those portfolio properties is the six-story, 85,000 sf building under construction downtown which Glenborough recently leased a portion of to Merrill Lynch. The company leased the entire fourth floor or about 20,000 sf at 101 Ellsworth. The building should be completed later this year.
The building is a joint venture between the National Electrical Benefit Fund and Glenborough. The class A facility is 46 percent pre-leased, according to BT Commercial marketing team members.
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