Typically both of these parties tend to invest in core assets,explains Robert Greer, managing director at ING Clarion. "But theopportunities were so good with this building, that we though thevalue-add component would complement the portfolios very well," hetells GlobeSt.com.
The building is currently 84% occupied by Verizon, which isplanning to vacate the building over a period of years. The newowners will invest about $2 million in a rehab to attract newtenants, Greer explains.
"The bones of this building--its structure and finish--are of aquality not usually seen in this type of building," he says. "Onceour rehab is complete it will be very competitive in themarket."
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
