A Class A office complex totaling approximately 355,269 square feet.
Investment Rationale
- Purchase price was approximately 50% below replacement cost
- 67% occupied at purchase with significant upside potential from lease up of vacancy and below market in-place rents in a submarket where rents have increased 15% over the past year
- Strong historical occupancy, which has perennially outperformed the submarket, coupled with strong tenant retention (37% of the leased space has been occupied by tenants for at least 10 years)