[IMGCAP(2)]It has been well occupied until a third-floor tenant vacated approximately a year ago, according to Michael Corenzwit, president and CEO of Corvest. He and Asher Hyman, also a Corvest principal, are general partners in the acquiring entity along with Kevin Silverang and Robert Jacoby.

The new owners plan to invest "upwards of $1 million to return the property to true class A status," he says. A new roof, HVAC system and signage; resurfaced parking areas, and renovation of all common areas are among the upgrades planned. Corvest is traditionally a value-add buyer.

The owners have arranged a long-term lease extension with K.W. Tunnell, a provider of consulting services to the US government, which currently occupies the entire first floor. A new tenant, Phoenix Data Systems Inc., has signed a lease for 16,982 sf on the third floor, and Corvest itself plans to relocate to 2,182 sf on the second floor. "The building will be 95% occupied by January," says Corenzwit, and Corvest Realty Management Inc., the buyer's affiliate, is managing the property.