Terms of the loan were not disclosed, but the lender, GlobeSt.com learns from its brokerage sources, is New York-based iStar Financial. Carlton Advisory Services, also based in New York, arranged the financing and was Blackacre's financial advisor for the transaction.
The property was fully renovated between 2000 and 2001. It is 83% leased. IBM, the previous owner, holds a long-term lease for 42% of the available space. The balance of leased space is occupied by Solectron Corp., Manufacturers Services Ltd. (MSL), and Strayer Education, Inc.
University Research Park, in which the property is located, is 95% occupied with such major tenants as Wachovia Bank, EDS, Teacher's Insurance, AT&T, and The Wall Street Journal, among others.
Blackacre has completed 250 real estate industry transactions since it was formed in 1994. Carlton has completed more $11 billion worth of transactions since 1998.
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