A partnership, led by Sperry Van Ness/Visions Commercial senioradviser Steve Fithian, put the five-story, class B building at 5601Bridge St. on the market in September 2007 for $10.5 million,taking one of two full-price offers just two months later. Fithiantells GlobeSt.com that the deal died due to the capital markets sothe owner of the 3.1-acre prime piece of real estate did a secondrun last February at a $10.2-million ask. "The markets hadobviously changed," he explains.


Fithian says Navika Capital Group LLC came in with a bid twomonths ago, quickly placing a contract only to see its loancommitment fall by the wayside and escrow break. The dealsubsequently was resurrected and repackaged. "It was a prettygrueling market due to the capital markets," he says, adding thedown time resulted in a higher occupancy at sale time.


The seller acquired the holding in July 2006, with occupancy at78%, and sold it to Navika at 98.5%. Fithian's team, which hasoffices in 4,500 square feet, will continue to manage the asset."It was really a successful building for our partnership," hesays.


The 22-year-old building's tenant roster also includes RegusManagement Group LLC of Dallas, which has a full floor of officesuites, and J&K Professional Medical, the top space-taker with20% of the building. Chris Wright, now with Grubb & Ellis Co.,is leasing it.

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