Executive vice presidents William Shanahan and Darcy Stacom from CB Richard Ellis' Investment Properties arranged the transaction on behalf of joint sellers, Brack Capital Real Estate (BCRE) and Stellar Management, while senior vice presidents James Stein and Jenifer Ratcliffe with vice president Jim Kelly of Lincoln Property advised the buyer.
Stein says the property possesses all of the qualities Lincoln was seeking, namely "an exceptional location, excellent condition, strong tenancy, operating efficiency and a unique ambiance."
Shanahan says the price was driven by the building's strong credit tenants on long-term leases in a completely retrofitted building. The building is 90% leased to tenants including Xerox Corp., SAP AG, Lava Trading and WPP's subsidiary Walker Group/CNI. The building was extensively renovated by the end of 2000--being transformed from industrial space into an office.
"The setting appeals to tenants who also desire technologically superior offices carved out of old-world interiors," adds Kelly, while Stacom points out that "as one of the few full-service office properties in the West Village, 95 Morton is an excellent investment opportunity, one that traded at a competitive price commensurate with its unique location and amenities."
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