Area construction industry estimators tell GlobeSt.com the price was still below estimated replacement costs today of about $200 per sf.
"The opportunity to acquire well-leased, quality office buildings significantly below replacement cost in a fundamentally strong sub-market appealed to us," Peabody Chairman Jerry O'Connor says in a prepared statement.
"From a portfolio perspective, it was attractive to add a property where over 70% of the total projected yield is generated by annual cash flows," O'Connor says.
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