Investcorp officials would only describe the seller as "anundisclosed institutional investor." However, it is known that thebuilding was acquired by Gale & Wentworth, now the Gale Co., inlate 2001 as a largely vacant building and subsequently leased toCendant. Gale reportedly sold it a year later.
The price tag for the building was similarly not disclosed.However, sources familiar with current investment sales activity inthe region for class A office product estimate that the buildinglikely traded for a number in the vicinity of $75 million, or about$200 per sf.
"The acquisition of One Campus Dr. is consistent withInvestcorp's strategy of investing in well-located assets leased tohigh-quality tenants," according to Herb Myers, a principal withInvestcorp's real estate group, in a written statement.
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