At that time Shorenstein acquired the asset, it was fully leased and had been since its completion in 1990 by Rouse & Associates, the predecessor of Malvern-based Liberty Property Trust. In first-quarter 2006, however, 800,000 sf, or about two-thirds of the building will be vacated by the departure of Ace Ltd. and downsizing of Cigna Corp. In November 2004, Shorenstein handed the leasing assignment to the local office of CB Richard Ellis. George Cauffman of CBRE declined to comment on any sale.
On condition of anonymity, a Center City office specialist tells GlobeSt.com that America's Capital "is paying as much as $50 million less for the building than Shorenstein paid in 2002." Calls to Rudy Touzet, president of America's Capital, and to John Betzig of New York City-based Secured Capital, who reportedly represented Shorenstein in the sale, were not returned by deadline. Shorenstein's acquisition of Two Liberty was a complicated transaction in which it acquired the land and a leasehold interest. TIAA-CREFF retained a first mortgage on the property. According to America's Capital's website, it owns 50 office buildings aggregating more than six million sf in Florida, Georgia, North Carolina, Virginia and Washington, DC.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.