Senior vice president Donald Sperling and first vice president Cheryl Hardt of CB Richard Ellis, exclusive leasing agents on behalf of owner Transwestern Park 80 West LLC, arranged the transaction. The owner is an affiliate of the Chicago-based Transwestern Investment Co.
"Park 80 West continues to experience steady leasing activity, outperforming the market," according to Sperling. "It has an 80% tenant retention ratio, which is among the highest in the region."
Transwestern acquired the two-building asset early last year from Brandywine Realty Trust. The complex consists of seven- and 10-story towers totaling 488,000 sf, and one of its tenants is CB Richard Ellis, whose office here was, prior to the merger of the two firms, the New Jersey headquarters for Insignia/ESG.
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