The two-story building is 100% occupied, according to Andrew M.Greenspan, a principal of GHP Realty. The deal marks GHP's sixthbuilding acquisition since it was formed late last year. Thecompany's principals are veteran realtors and mortgage brokersJames J. Houlihan Jr., James G. Houlihan and Howard Parnes ofHoulihan/Parnes Realtors of Scarsdale. Greenspan was vice presidentof acquisitions for Mack-Cali Realty's Westchester/Connecticutoffice and its predecessor company Robert Martin Co. of Elmsfordbefore helping form GHP Realty.

The partnership now has a portfolio that totals approximately500,000 sf of office and office/flex buildings located in FairfieldCounty, CT, Westchester and Rockland counties in New York andBergen County, NJ.

Greenspan says that the purchase of 1221 Post Rd. was astrategic buy. He notes that despite rents that have soared to ashigh as $50 per sf at some properties and a shortage of class Aoffice space in town, there is virtually no new construction tomeet the demand. He adds that due to the scarcity of quality spacein this prime submarket of Fairfield County, the property will makean excellent investment.