The building was owned for eight years by an Irvine, TX-based limited partnership, which bought the property for $15 million from the Mutual Life Insurance Co. of New York.
Occupancy is above average for the eastern end of the I-88 submarket, where Cushman & Wakefield's most recent market report shows overall vacancy, including sublease space, at 22.5%, a 1.4-point improvement from the beginning of the year. However, current vacancy in the submarket is 10 percentage points higher than it was when MONY sold the building.
Published asking gross lease rates at the building also are above average at $23 per sf.
Former Jones Lang LaSalle principals Peter Stelian and Robert G. Byron formed Blue Vista Capital Partners last year with Equity Investment Group chairman George B. Huber, seeking acquisitions in the $15 million to $100 million range.
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