Albert Corr, vice president of Berwind, tells GlobeSt.com thatclosing on the 295,575-sf, three-building office complex, whichonce served as the headquarters for Lycos Inc., is set for nextweek. The seller is Crow Holdings Inc., the privately heldDallas-based firm that specializes in making real estateinvestments on behalf of Trammell Crow Co. and its partners.
Corr says the 90%-leased property, located at 460, 400-1 and400-2 Totten Pond Rd., was a highly sought after asset that broughta number of investment buyers to the table. A shorter due-diligenceprocess along with a top offer on the property helped seal thedeal, he notes.
The complex, which has leases that expire over the next four tofive years, will undergo some renovations to common areas under thenew ownership.
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