The acquisition is a value-add opportunity. The building 73% leased, with most of those leases rolling in 2006. The current vacant space has been empty for about 18 months.
"There were a lot of dot-com tenants in the building," says CB Richard Ellis broker Don Fosseen, who with Lou Senini represented the seller, Third Avenue Associates LLC, a group of local investors that have owned the building since the 1970s. "It's a class B building that is a little tired; the new owners will clean it up to a B+."
The concrete building has 5,200-sf floor plates, which allows a smaller tenant to have a full-floor presence. The upper floors were renovated in the late 1900s by dot-com tenants. The full-service asking lease rate is $16 per sf per year, according to Officespace.com.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
