Jefrey Kusumi, Rubenstein's chief information officer, tells GlobeSt.com that a published value of $75 million for the property is "erroneous" and "low." He says another published report, which places the asking price at between $80 million and $85 million, is "more accurate."
Kusumi tells GlobeSt.com the building is 93% leased and confirms that rental rates of between $27.50 per sf and $28.75 per sf are "approximate," but "correct."
Blue Cross/Blue Shield is the anchor tenant, occupying 270,000 sf, or more than half of the building. Locally based Jefferson Pilot Communications is another major tenant.
In a printed statement, Kusumi says Rubenstein is "responding to the investment community's interest in high-quality, stable operating properties offering secure cash flow in a targeted, supplied, constrained market."
Rubenstein acquired the building from Menlo Park, CA-based Spieker Properties in 1998. According to published reports, Rubenstein paid $61.4 million or $149.75 per sf, a price Kusumi would neither confirm nor deny.
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