A Liberty representative declined GlobeSt.com's request for the purchase price. However, area construction and brokerage sources tell GlobeSt.com the class A building was probably erected at an estimated hard construction cost of $125 per sf or a total $27.5 million. Area brokers tell GlobeSt.com the property probably sold for a below replacement cost of $90 per sf or about $20 million.
The structure includes a cafeteria, fitness center, park, 1,400-space garage and a lakefront view. Mike Heise, Liberty Property's vice president and city manager, calls the five-story property "ideally suited for a campus environment" because of its Deerwood Center location and its "outstanding amenities." The building was on the market for two months.
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