With the deal, the firm was able to free up cash to pay operational costs and free up debt. However, the firm wanted to remain in the building, said James Sullivan, SVP and CFO of the company, in a statement. Neither a firm representative nor any official with Colliers Turley Martin Tucker, the company who represented Solutia in the SLB, returned calls for comment for this story.
Solutia used about $20 million to pay off its current mortgage, and will use the rest for general corporate uses, Sullivan says. The company will continue to occupy 120,000 sf of the 260,000-sf office under a 10-year lease. Pfizer Inc. and Savvis Inc. also lease space in the building. The average lease rate for the area is $24.70 per sf, according to a Grubb & Ellis market report.
© 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.