The seller, Sylvan Associates LLC, was represented by the New York City-based Sonnenblick-Goldman. Andalex is similarly based in New York. The deal marks the second time that Sonnenblick-Goldman has sold the property in recent years. Back in 1999, the company represented John Hancock Mutual Life in the sale to Sylvan Associates, an investment group, for a reported $18 million.

"During its five years of ownership, Sylvan Associates leased or re-leased nearly all of the space in the building at substantially higher rents," says Mark Ehlinger, a director at Sonnenblick. "An extremely large number of investors were interested in this asset because of its consistently high level of occupancy and its additional development potential."

While the latest sale price factors out to more than $205 per sf for the existing facility, that additional development potential on the nearly 20-acre site cited by Ehlinger is a substantial part of the transaction. According to Ehlinger, the available land will hold a two-story building of up to 125,000 rentable sf and approximately 125 covered parking spaces.

The existing building, which was completed in 1988, consists of two wings of two stories each, designated as 910 and 920 Sylvan Ave. The property, which has close proximity to Manhattan, currently has a total of 132 covered parking spaces as well as an on-site cafeteria. If built, the second building would be designated as 930 and 940 Sylvan Ave.

The property's major corporate neighbors include the new headquarters and broadcast studio of CNBC, the North American headquarters of LG Electronics and Unilever US Inc. The expansion of the latter two companies is a major reason the existing building is now 100% leased: in the last few years the two companies have spilled over from their adjacent facilities to take nearly half of its space. The other half of the building is leased to a variety of domestic and international corporations and locally based firms.