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500,000-SF Office Portfolio Sells for $63M

ROCHESTER, NY-Institutional investors HRPT Properties Trust and Staubach Capital Partners separately acquire pieces of a nine-building suburban office portfolio here from Christa Development Corp.

By Brian K. Miller | Updated on February 08, 2005

ROCHESTER, NY-Christa Development Corp. recently sold off a 483,711-sf, nine-building suburban office portfolio here to two institutional investors for $62.9 million in gross proceeds. One asset totaling 138,000 sf was sold to Dallas-based Staubach Capital Partners. The other eight buildings were sold to HRPT Properties Trust, a publicly traded REIT based in Newton, MA. Christa Development owner David Christa says the company will continue to operate a “sizeable” portfolio in Rochester, but will be expanding its geographic reach with the proceeds from the portfolio sale. “It will allow us to expand our development and ownership operations throughout upstate New York,” he says.For Staubach, the acquisition 1300 Scottsville Rd. represents its first investment in the suburban Rochester market. For HRPT, the acquisition is an expansion of its existing Rochester portfolio. Of the eight buildings acquired by HRPT, seven of the buildings are part of the Corporate Crossings Office Park in the suburb of Perinton. The eighth property is a 57,250-sf building at 205 Indigo Creek Dr.Michael Bluhm and James Turner of AG Edwards Real Estate Investment Banking Group and Mergers & Acquisitions Group, respectively, provided financial advisory services to Christa Development. Edward Midgley and Scott Schoen of the CBRE’s Consulting Group in coordination with several members of CBRE’s Rochester office provided real estate brokerage services on this transaction. Midgley was not available Tuesday evening for comment.

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