Newton, MA-based National Development originally developed the property for Genuity, which went bankrupt last year. Level 3 Communications Inc. then acquired Genuity's assets, but decided to sell the property. National Development owned the land and had leased the buildings to Genuity and then Level 3 and had a right of first offer on the building under provisions of the lease. "We were a natural buyer," Bryan Clancy, vice president at National Development, tells GlobeSt.com. Clancy notes that the purchase price reflects the "control provisions we had on the lease. It speaks to the overall purchase price." National Development currently owns the remaining undeveloped land in the park and manages the entire MetroNorth Corporate Center.

"We are excited to own these properties again," says Clancy, who adds that he believes the location of the property and its size will attract "a variety of tenants across all markets." Level 3 is leasing back 196,000 sf until this coming December and another 160,000 sf until this coming September. Clancy notes that the company is in the market to lease up the space and emphasizes that the buildings come with all the assets including furniture and telecom infrastructure. The average asking rent for space in the building is $19.75 per sf.

National Development purchased the assets in venture with Angelo, Gordon & Co. of New York. Angelo Gordon strategy is to team with developers in local markets across the country to invest in what it deems high quality, value added assets for its investment funds. "We fully expect to take advantage of the opportunity to attract tenants wishing to upgrade to higher quality space at today's market values," notes Dana Roffman, director of real estate for Angelo Gordon.

Completed in 2001 by National Development for Genuity, 225 and 235 Presidential Way are two interconnected five-story class A office buildings that anchor the MetroNorth Corporate Campus located at Route 93 and Route 95/Route 128.