The class A office building is 16 stories and features an attached parking garage. Among the 16 tenants are Bank of America, which occupies 27%, and Edens & Advant, which occupies 14%. Jones Lang LaSalle's New York Capital Markets group acted on behalf of RFR Holdings, which bought the property from Trizec in December 2004. JLL also handled that deal.

"The property's location near the federal courthouse and several blocks from Route 126 makes it very attractive to lawyers and other professional firms," Mark De Riemer, managing director of Jones Lang LaSalle, explains in a statement. "This offering had broad appeal to private and institutional investors from all corners of the country. At a sale price of $143 per sf, the 88%-leased property traded well below reproduction cost. Less than 40% of the building's rent roll expires over the next six years, so there is good security in the property's cash flows."

According to Colliers Keenan 2005 Year-End Office Market report for Columbia, the office market here continued to improve over the second half of last year. Average rental rates rose from $13.80 per sf at mid-year to $14.12 per sf at year's end 2005. The class A office market saw a negative absorption of 4,288 sf, the report states, mainly as a result of downsizing of companies in the CBD. In the overall market, class A office occupancy stood at 86.2% with an average quoted rental rate of $17.59 per sf. Colliers Kennan also predicts that the Columbia office market will continue to improve through 2006 "as the regional economy expands further."