The sale price amounts to $126 per sf. ''It's a great price per sf,'' Mary Sullivan, who sold the building with fellow Cushman Realty broker Peter Savoie tells GlobeSt.com. ''It was a small building built in 1983. It has 232 covered parking spaces, including 2.5 levels of subterranean parking. It has a new roof. It was just a clean deal. It's a very pretty deal.''
The buyer was making a 1031 Exchange, ''so he was highly motivated,'' she adds.
The building was 93% leased at the time of the sale, she says.
Public records examined by GlobeSt.com show the assessed value of the project is $7 million.
Archon Group LP, was formed in 1996 when Goldman Sachs & Co. and senior management of J.E. Robert Cos. Venture Division. The Venture Division was created in 1992 through an agreement between Goldman Sachs and J.E. Robert Co. Archon has about $6 billion in assets.
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