Multiple rounds of bidding yielded the sale, in which the Hartford-based Cornerstone Real Estate Advisors moved the property on behalf of an unnamed client. The deal was brokered by Cushman & Wakefield's Metropolitan Area Capital Markets Group's Andrew Merin, Jose Cruz, David Bernhaut and Gary Gabriel.
The acquisition offers up a value-add for the new owner. While seven tenants are still in the building, 36% of its space, or about 50,000 sf, is currently vacant. That vacancy is the result of the gradual pull-out of a major tenant, shipping giant Maersk.
"This property presents a compelling opportunity to add value by retenanting the space with small to mid-size firms looking for an institutional-quality work environment," says Cruz. "The building is attractive in this underserved class A tenant sector, which remains consistently active in the local submarket."
The offering drew more than a dozen bids, according to Merin. "It was highly sought after and ultimately was a terrific strategic play for Zirinsky," he says. The sale price was not released, but industry sources put the number in the $20-million range.
The three-story brick-clad building sits on 9.7 acres within Southgate Corporate Center. Its features include a central full-height glass atrium lobby with a spiral staircase that separates the building into two wings.
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