Real estate services provider Grubb & Ellis Co. marketed Georgetown Landings on behalf of the owner and lists the building as 51% occupied as of July 11, but it was only 30% occupied when the sale was negotiated. Space in the building leases for about $28 to $34 per-sf. The structure had been leased to capacity before its lead tenant decamped.
"Despite losing the primary tenant, we were able to adapt our marketing strategy mid-course and target potential owner-occupants," Grubb & Ellis Investment Group senior vice president Steven Gichner says. "We have been very successful at creating marketing programs that adapt to the circumstances of a building to maximize value." CB Richard Ellis stood in for the buyer in this transaction. The foundation will occupy an unspecified amount of space in the structure.
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