Chris Phaneuf, a vice president at Trammell Crow who brokered the sale tells GlobeSt.com the 79,016-sf building's fully leased space and good credit tenants attracted potential investors. "People want stability," he says. "This was a safe, stable deal in a good market." Phaneuf points out that the leases on the building don't expire for another three years allowing the buyers to ride out the "current leasing market woes." The average lease rate in the building is $24 per sf.

As Phaneuf notes, there are currently very few opportunities available in the area for "safe" investments and, conversely, there are a lot of investors looking to put their money into something, driving up the prices on what there is to buy. "This was a pretty attractive price per square foot," he says.

Among the building's tenants are Motorola, Storability, GEAC Computer Corp. and a division of IDG.