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Glenborough JV Buys 77,000-SF Office Complex

LAFAYETTE, CA-Glenborough and Henderson Global acquire the three-building Corporate Terrace development here from TA Associates Realty for $22.6 million.

By Brian K. Miller | Updated on September 10, 2008

LAFAYETTE, CA-The 77,000-sf Corporate Terrace office complex here has changed hands for $22.6 million, industry sources tell GlobeSt.com. A JV of San Mateo, CA-based Glenborough LLC and Chicago-based fund manager Henderson Global Investors acquired the three-building development from investment fund manager TA Associates Realty of Boston, which paid $15.9 million for the building in 2004.

Located on 4.22 acres in central downtown Lafayette, Corporate Terrace is composed of three terraced cedar shake office buildings–one two-story standalone structure and two three-story buildings joined by a common walkway and courtyard. Occupancy is currently 92%; the asking lease rate is $3 per sf per month, net of electric.

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