To fund the buy, TCA obtained a $22.5-million fixed-rateacquisition loan, arranged by Philadelphia-based BlueStone RealEstate Capital. Kris Wood, BlueStone's managing director, securedthe funding from JP Morgan. It has an 85% loan-to-cost ratio, whichputs the price tag for the property at nearly $26.5 million, orjust above $202 per sf.

Matthew McManus, chairman of BlueStone, tells GlobeSt.com thedeal was initially difficult to finance, because "Vertex is aprivate company, and it had signed up for 100% occupancy for 10years." However, following due dilligence and the company's 30-yearhistory, both Trinity and JP Morgan became comfortable with thedeal.

Without disclosing the value of the Vertex lease agreement,McManus says that market rents in the area range between $19.50 persf and $24 per sf. "Even under a worst-case scenario, which is notanticipated, Trinity has a good record of leasing," he adds.