The Computer Associates (CA) has sold its 227,235-sf building in a $44.2 million deal to TA Associates-managed Realty Associates Fund V. Located in the Woodland Park business area on 6.15 acres, the structure will continue to serve as home to Computer Associates on an eight-year lease.

Speaking to GlobeSt.com, Cushman & Wakefield's Chip Ryan explains that CA had originally decided to pursue a synthetic lease, but changed their minds late in the game. "It was an 11th hour, 59th minute deal," he says. Ryan adds that the deal's success was largely due to the cooperation of [TA Associates] and CA. "We were able to close a complicated transaction -- one asset in a large multi-building park that has an expansion parcel tied into the ownership," Ryan explains. "Certainly, the buyer feels like they got a very good price for a building of its quality and tenants of its quality."

Cushman also negotiated the sale of a 102,834-sf building from Novell to TA/Western, LLC, which TA Associates Realty manages, as well. The 13-year old office building -- which once carried the address of 2323 Horse Pen Road, but is now referred to as 13755 Sunrise Valley Drive -- commanded a sale price of $16.8 million. "It's a good short-term, long-term play," Ryan notes. "There is some rollover and subleasing [but the building] doesn't see dramatic vacancy until late 2003. That matches up with a market recovery timeframe." The long-term advantage will be realized from the development of a "very large mixed-use project that wraps around the property." Ryan continues, "there area a lot of structural things that are going to come together. The environment is great."