Keith Broemmer, an EVP with New York City-based Broad Street Advisors, the investment advisory that brought the buyer to the table, declined to comment on the purchase price or the length of Maxtor's lease commitment. The seller's broker, CB Richard Ellis, could not be reached for comment. Other sources tell GlobeSt.com that the property sold for upwards of $60 million and that Maxtor's lease is "long-term."
The building has been primarily used for research and development and was the regional headquarters for Maxtor. Broemmer says Maxtor currently occupies the facility but declined to say whether Maxtor was expected to occupy the facility for the duration of its lease.
In May 2006, Maxtor was acquired by Seagate Technologies for $1.9 billion. Both companies manufacture hard drives.
In May 2005, the Maxtor building was part of the 2 million-sf Pratt portfolio that Broad Street sold to Invesco/Circle Capital last year. Broemmer tells GlobeSt.com the Maxtor building is the first of the buildings in the portfolio to be re-traded.
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