According to a company statement, Grubb & Ellis intends toacquire Danbury Corporate Center through its subsidiary GERAProperty Acquisition LLC, and hold it for future sale to Grubb& Ellis Realty Advisors Inc., the company's investmentmanagement affiliate. The closing on the acquisition of DanburyCorporate Center is scheduled for April 17. The current owner ofDanbury Corporate Center is Sunbelt Management Co. of Delray Beach,FL.

Grubb & Ellis is also looking to trade Abrams Center inDallas, which it acquired on Feb. 20 for $20 million and 6400Shafer Ct. in Rosemont, IL for $21.45 million to Grubb & EllisRealty Advisors. The purchase of 6400 Shafer Ct. is expected toclose on Feb. 28. Those prospective sales, including the DanburyCorporate Center purchase, from GERA Property to Grubb & EllisRealty Advisors would have to be approved by Realty Advisors' boardof directors and shareholders.

The Danbury Corporate Center was built in 1982 for Union Carbideas its global headquarters. The property was acquired by SunbeltManagement in 1986. The complex's current major tenants areBoehringer Ingleheim and Praxair that occupy approximately half ofthe complex. Other significant tenants include Dow Chemical andMorgan Stanley. According to the property's website, there iscurrently 329,315 sf of space available at the complex.