Phil Fridd of Lee & Associates – Orange Inc. represented Grace. Steve Sanders of Grubb & Ellis Co. spoke on behalf of the seller.
With a turnaround in the county's office market not expected until mid-year 2002, it is these smaller "bread-and-butter" transactions that have kept local brokers busy in recent months. Even when activity begins to pick up, local industry experts predict that office landlords will be more willing to accommodate tenant demands.
According to a recent forecast by Grubb & Ellis, "opportunities for tenants to restructure deals on existing space will increase as landlords focus on keeping their properties occupied." Tenants, on the other hand, will need to provide letters of credit, as landlords are becoming increasingly concerned about this issue.
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