Sale of the pricier property, 2 Lincoln Center, is expected to close soon, BT Commercial Real Estate's Michael Maffia tells GlobeSt.com. He represented the purchasers while Bob Tuller and Frank Kawalkowski of BT Commercial Real Estate represented the CRIC Capital LLC, which has owned both buildings in the East-West Corridor.
Commonwealth Edison pays $22 per sf under its 15-year absolute bond net lease, which gives new ownership of both buildings a solid tenant but no cash flow. However, the pitch for the buildings included potential tax savings that could allow the new owners to recoup their down payments of about 9% of the purchases prices within 6.5 years.
The 252,590-sf 2 Lincoln Center was being offered by $65.6 million.
Maffia tells GlobeSt.com his firm has done "seven or eight deals" with the sellers. BT Commercial Real Estate, an affiliate of NAI, is the largest full-service brokerage in Northern California.
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