Located at the confluence of state highways 92 and 101, the700-900 Concar Dr. buildings were constructed in 2002. Tishmanacquired the building empty in June 2006 for $59.5 million andspent the past year stabilizing the asset. In 2005, when thebuilding was still fully leased to Siebel, ING Clarion paid $155.5million for the buildings. Salesforce now occupies one of thebuildings and Sterling Commerce also is a tenant.

The profit on the flip by Tishman isn't as large as it seems,according to local industry sources. The cost to carry the vacantbuildings, "fixturize" them, build out tenant's spaces and payleasing commissions could have easily added up to $15 or $20million. At $55 per sf, tenant improvements alone would have addedup to $10 million.

Eastdil Secured sold the asset to Tishman and to JP Morgan.Jones Lang LaSalle has the property management assignment. TishmanSpeyer declined to comment on the transaction.