Located at 2200 and 2210 Farady Ave., the complex encompasses a total of 321,000 sf, which includes both office/R&D and warehouse space. The property also contains approximately four and a half acres of excess land, which means that the project could potentially be developed into a 500,000-sf campus, explains Carpenter. "It's literally the only building available (in the region) where a tenant can get that much space," Carpenter tells GlobeSt.com.
Dennis Visser and Mark Emerick of BRE Commercial/NAI acted on behalf of Equus. The seller, TYCO Healthcare's wholly owned subsidiary Puritan-Bennett, was represented by Henry Johnson, Chris Wood, Jeff Cole and Rick Putnam of Trammell Crow Co., which is Tyco's national representative.
Tyco and Trammell Crow Co. chose Equus over 12 other potential buyers because of the firm's past record of purchasing vacant buildings from corporate users within short timeframes, Johnson says. The deal took "about 80 days to close, from start to finish," Carpenter tells GlobeSt.com.
The entire Tyco Healthcare facility will be vacated this October and the property will be renamed Farady Corporate Center. Carpenter is confident that Equus will be able to get the complex leased up, as it is currently in negotiations with a tenant for the 97,790-sf warehouse building and is also in discussions with other prospective lessees for the two-story office/R&D building. "We don't expect to be in this deal for longer than three years," Carpenter adds.
The recent acquisition reflects Equus' growth strategy, as the real estate advisory firm plans to spend about $300 million in real estate purchases over the next two years. Carpenter says Equus will close between $75 million and $100 million in deals by the end of this year and the remaining balance by 2004.
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