No purchase price was revealed. The properties were 83% leasedat the time of sale and talks are under way to bring the complex tofull occupancy. The 1 West Red Oak Lane building, which totals20,000 sf, is vacant, while 4 West Red Oak, a four-story buildingthat totals approximately 130,000 sf, is fully occupied.
Andrew M. Greenspan, a principal of GHP Office Realty, says thatthe complex should be fully leased in the near future. "We are innegotiations with a tenant for the remaining 20,000 sf of availablespace," he says. "We hope to make an announcement soon."
The 4 West Red Oak Lane building serves as the corporateheadquarters for ITT Industries and also houses various divisionsof Verizon, formerly known as Bell Atlantic.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
