"They were in a 26,000-sf building they own next door but had grown to 50,000-sf with several area leases and wanted to consolidate," Advantis/GVA's Dek Potts tells GlobeSt.com. Potts and Advantis partner Jim Meisel represented the law firm in the deal. "We negotiated a purchase option for our client, which they have to exercise within 12 months."

Potts says ownership of both buildings--the second of which sits at 1941 Roland Clarke Place--would present a new array of real estate development potential for Greenbaum. "The two properties represent six-and-a-half acres, and there is visibility along the Toll Road. That corridor has been a hot development area for the tech industry." He adds that while tech industry growth is at a lull, development will pick up again in the next few years.

Advantis is also handling the leasing of the law firm's building next door, which Potts says is best suited for a single tenant but could work for two.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.