The 34-story, 569,000-sf Borden Building was only 71.3%occupied, the third-worst performer in the REIT's entire41-million-sf portfolio. However, the $51 per sf was about half theappraised value three years ago, and even sharper discount toreplacement value. "Our view there was to exit the Columbus market,and there was a ton of roll-over," Wold explains.
Elsewhere, Wold says investors have come looking at propertiesin the non-core markets, as they have been priced out of largermarkets. "We've known for some time that we'd be a seller," Woldsays. "For many of these properties, the time is now."
The largest non-core assets are the 1.5-million-sf GatewayCenter in Pittsburgh and one-million-sf Metropolitan Square in St.Louis. The company also has two assets in Charlotte, NC totaling1.4 million sf.
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