The transaction was an off-market deal. "It was never officiallyon the market," says Zimmel Associates' president David Zimmel, whohas also been the property's exclusive leasing agent for the pastthree years and will retain that role under the new ownership. "Werecognized the untapped investment potential and believed it wouldbe an excellent fit for Onyx.

"The principals at Onyx quickly discerned the value potential ofthe asset," he says. "This is a win-win transaction in thatCantone, which had owned the buildings for 10 years and built upconsiderable equity, gained an excellent return."

Built in 1973, the property consists of the 44,000-sf,four-story East Building and the 26,000-sf, two-story WestBuilding. The complex has not been extensively renovated since the1970s, but Onyx plans to change that. On tap, according to Onyxofficials, are exterior renovations that include a new glass facadeand interior renovations to the entry lobbies, corridors, elevatorcabs and other common areas. That work is slated to begin by theend of this year.