The Vance building, at 1402 3rd Ave., is a 14-story building with about 104,000 sf net rentable. Approximately 20% of the building is being marketed for lease, according to officespace.com. The Sterling Building, at 1408 3rd Ave., is a fully leased three-story building with 18,000 sf net rentable.
CB Richard Ellis brokers handled both sides of the deal. Steve Storrar represented Weiss. Madelyn Loreen represented the Jonathan Rose Cos. fund.
Storrar tells GlobeSt.com that Weiss decided to sell because it was owned in a partnership with a limited life. The partnership acquired the Vance Building in 1988 and acquired the Sterling Building in 2001. According to county records, it paid $5.4 million and $2.9 million, respectively.
While the physical office vacancy in the Vance Building is 20%, Storrar says the economic vacancy is much less because the fully leased retail space rents at a much higher rate.
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