Senior managing director Fred Wittmann and senior real estate analyst Greg LaBine worked on behalf of National Development and Angelo Gordon & Co., which formed a joint venture to acquire the assets. The three-year adjustable rate loan was arranged through Cohen Financial, a real estate investment bank.
The two interconnected, five-story properties contain 196,000 sf and 234,000sf respectively. They were completed in 2001 and are part of MetroNorth CorporateCenter, a 1.3 million-sf development with office space and a hotel situated on 100 acresnear Routes 93 and 95.
Wittmann notes that the property will have a short-term leaseback through the end of 2003 by Level 3 Communications, the previous owner and occupant of the buildings. He emphasizes that the leaseback is at a time when the overall market has "significant" available space. "Cohen was able to see through the market challenges and focus on the high quality of the physical asset, the strength of the location and the highly competent team of National Development and Angelo Gordon & Co," adds Wittmann.
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