The asset was built in 1986 and is 55% leased. The new ownerplans to invest $2 million in renovations, Seth Werner, chairmanand CEO of Cypress Creek, tells GlobeSt.com. "We'll renovate thesecond-generation space that is currently vacant and the exterior,which is now somewhat uninviting," he says. The lobby was recentlyrenovated.

Werner says the rental rates will range between $25 per sf and$28 per sf, "depending on location within the building,creditworthiness of the tenant and terms and size of a lease." Thisis Cypress Creek's first joint venture with Penn-Florida, whichwill handle property management and leasing. Werner says, "I'mhopeful this will be the JV's first of many acquisitions."

Penn-Florida's primary specialty is office buildings, whileCypress Creek acquires shopping centers and industrial propertiesin addition to office assets. "We like to find a JVpartner/operator in local areas in order to expand our businesswithout expanding our infrastructure," Werner says. Mark A.Gensheimer heads Penn-Florida as president.