Compson acquired the property for $36.1 million, or about$177.83 per sf, in October 2004 under a sale-leaseback agreementwith Toll Bros. The luxury homebuilding company fully occupies theasset, and Michael Comparato, president of Compson, there are approximately 13 years left on its lease.Current published rent rates for office properties here by severalowners average in the range between $21.75 per square foot and$23.75 per sf.

Comparato declined to identify the buyer, but said the companyis based in Atlanta. When Prudential, a previous tenant, exited thebuilding in late 2003, Toll Brothers "bought the property vacantand completely gutted it, transforming it into its headquarters,"Comparato says.

Including the nearly $7.9-million gain on the sale alone, whichrepresents a better-than-20% return, he says, "Compson's totalreturn was much higher, in a range of nearly 60%. On a nationalbasis, the sale price was in line with single-tenant officeassets."

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