In May, a similar sale occurred when Triple Net bought the 93%-occupied 40 Lake Center, sister to the just sold building, from the Washington, DC-based Opus East. As reported by GlobeSt.com, the price for that sale was $19.8 million, or $223 per sf. Grubb brokered that deal as well, and also happens to have its Marlton office located in the building.
Paychex signed for 33,885 sf of the building at a five-year term at 50 Lake Center at $25 per sf. Virtua Health took the 57,900-sf balance for an undisclosed rent.
Dave Dolan and Joe Sklencar of Grubb's Marlton office and Steven Gichner of the firm's Washington, DC office represented Opus East. Steven Leathers of Triple Net headed the acquisition team for the buyer.
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