"The property's stable of credit-quality tenants and accretive in-place financing provided Matrix with substantial cash-on-cash returns," says Dunne, in a statement. "Additionally, the building's infrastructure, location, existing tenant roster and Matrix' commitment to numerous, high-end facility enhancements and improvements, validates Corporate Center's solid platform and will allow Matrix to increase NOI and garner strong yields with future lease-up."
The over one-million-square-foot trophy office campus holds tenants of Boehringer Ingelheim, Praxair and Honeywell on roughly 99 acres. Currently, the center sits at 61% leased. Dunne, Steven Bardsley, David Gavin and Christopher Leonard of CBRE's New York Institutional Group repped GERA and procured Matrix.
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