The buildings were part of the 119-building, 5 million-sf,70%-leased Peery Arrillaga portfolio that Rreef and GE acquired in2006 for approximately $205 per sf. The 20-building package beingre-traded is approximately 80% occupied and includes one andtwo-story, mostly single-tenant research and development buildingsconstructed between 1962 to 1985, according to one localinstitutional-quality investor who knows R&D buildings andreviewed the offering memorandum.

Nearly all of the buildings are located in Sunnyvale and morethan half of them are in the vicinity of highways 237 and 101. Thetwo buildings not in Sunnyvale are next to the San JoseInternational Airport.

Rreef, a pension fund advisor for the likes of CalPERS andCalSTRS, initially hoped to achieve a sale price of $215 per sf,which would have totaled $86 million, according to multiplebrokers. Despite the package's higher occupancy, the buildings aresome of the least attractive assets in the larger portfolio--thekind of assets that are harder to sell in an uncertain economy, onelocal rehab specialist tells GlobeSt.com.