A client advised by LaSalle Investment Management sold the property to a partnership led by the Cresset Group along with partners Hennessey Enterprises and Rye Development. Elizabeth Carrillo Thomas and Philip Giunta of CB Richard Ellis/Whittier Partners represented the seller and procured the buyer.
The transaction included the restructuring of a lease with the existing tenant, GiantLoop, which Thomas tells GlobeSt.com, used to lease the entire building. As part of the transaction Giant Loop reduced its lease to two floors or about half of the building. Cresset Group brought in the other tenants of the building--Ski Market, IM Logic and Summit Services--during the transaction. The building is now about 90% leased.
"Cresset now has diversified tenancy and has improved the overall ownership risk with this roster of tenants," says Thomas, senior vice president of CB Richard Ellis's Investment Properties Group.
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