Albion Crossing LLC, a joint venture between institutional developer Gray's Point Investments LLC and commercial real estate development fund Perseus Realty Partners, of Washington, DC, were the buyers in the deal. The new owners plan to convert the building's remaining space into class A offices. Terms of the sales-leaseback were not disclosed.

David Whalen, president and CEO of A.T. Cross, says in a statement that the sale further strengthens the company's balance sheet and was an important final step in the company's decision to move most of its manufacturing overseas. He noted that the 10-year lease commitment also signals the firm's commitment to remain in Rhode Island. He could not be reached for further comment in time for GlobeSt.com's deadline.

The company, which produces writing instruments, timepieces, sunglasses, leather goods, and other business accessories, was represented in the transaction by CB Richard Ellis/New England.