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STAMFORD, CT-New York City-based AmTrust Realty Corp. has acquired high-rise office buildings in Toledo, OH and Syracuse from locally based insurance firm RVI Group. The deal, reports officials with CB Richard Ellis, includes the 744,000-sf One SeaGate office building in Downtown Toledo and AXA Towers, a 635,000-sf twin-tower office building in Downtown Syracuse. While no purchase price was reported, sources indicate the AmTrust acquisition of the two properties is valued at approximately $90 million.

The 28-story One SeaGate is located off Summit Street on the shore of the Maumee River. The building offers floor-to-ceiling glass curtain walls and unobstructed views of the Maumee River and Lake Erie, CB Richard Ellis officials note. Its 20,000-sf rectangular floor plates are among the largest and most efficient in the market. AXA Towers, located at 100-120 Madison St. in Syracuse, is comprised of two 19-story towers that are connected by a five-story wing. Both buildings are considered trophy assets and among the largest office properties in their respective markets, CBRE officials say.

Jeffrey Dunne, Patrick Bisceglia and Todd Newman of CB Richard Ellis’ New York Tri-State Region Institutional Group along with Harlan Reichle of CBRE’s Toledo office and Harry Harkaway of the Pioneer Cos. represented the RVI Group. CBRE also procured the buyer in the transaction.

“Both properties represent excellent ‘value-add’ investments with huge upside potential,” CBRE’s Dunne says, “from the lease-up of 400,000 sf of vacancy at One SeaGate and 213,000 sf at AXA Towers. AmTrust should fare well with their investment.”

Last October, AXA Equitable Life Insurance signed a new lease at the AXA Towers building in Syracuse for approximately 316,000 sf. The lease deal runs until 2023. AXA affiliate MONY Life Insurance opened the first of the two AXA Towers buildings in 1966. The second tower building was completed in 1973.

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