The parcel, which is not yet entitled, sits near the future primary entrance to the airport. No development timeline has been established. Barry Swenson's broker, Scott MacDonald of CPS Corfac International tells GlobeSt.com that the company's first course of action was to acquire the property. Now the plan is to work with the city to determine what exactly it would like to see on the site and then seek entitlements, he says.

Barry Swenson acquired the site from Equity Office Properties, a formerly public REIT that was taken private in March by Blackstone Group, which previously acquired Trizec Properties and Carr America and is now in the process of integrating the three operations. The sale price was not disclosed by the parties involved; however, a local industry source tells GlobeSt.com that the sale price was in the vicinity of $6 million, or approximately $48 per sf.

Early last month, a 40-acre parcel here entitled for 2.9 million sf of class A office and retail space changed hands for $108 million. The price translates to approximately $61.98 per sf of land and $38.57 per sf of building that can be built on the property. BEA Systems sold the site to fund manager Tishman Speyer, which wants to break ground this year for a phased development for which the first deliveries would begin in early 2009.