The owner and seller were represented by Robert E. Griffin, Jr., Richard F. Herlihy and Christopher T. Griffin, in their first transaction with Cushman & Wakefield's financial services group. The three brokers were formerly with Trammell Crow and according to Herlihy, the deal started when they were still there but was completed after they moved to Cushman & Wakefield.
Hartford, Connecticut-based Cornerstone had acquired the buildings about ten years ago when they went into foreclosure. "They had fully stabilized the assets and put in a decent amount of capital improvements," Herlihy tells GlobeSt.com. Both buildings are currently fully leased with tenants such as Liberty Mutual, Neon, a software firm owned by Oracle, and the law firm of Schreiber & Associates, P.C.
Everest, a New York-based private acquisition firm, plans to maintain and increase the operating income of the building as the leases expire and roll over. "They are long-term holders of real estate," notes Herlihy.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.