The intention was to lease the remaining space until thebuilding stabilized and then possibly find a buyer for the topfloors, he says. Then, a new buyer--Mass Mutual--stepped uprecently to acquire the upper five floors. Each firm paidapproximately $50 million for their halves, an industry sourcetells GlobeSt.com.
Mass Mutual plans to lease out its space, while ASCO will occupyits five stories, Wade says. MRP's original intention had been tolease the entire building; however the tax benefits available tonon-profit associations required that the ASCO purchase its space."Their cost of capital is 300 to 400 basis points lower than thatfor conventional financing." Cassidy Pinkard & Colliers isleasing the space to Mass Mutual, Wade adds.
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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.
