[IMGCAP(2)]It has been well occupied until a third-floor tenantvacated approximately a year ago, according to Michael Corenzwit,president and CEO of Corvest. He and Asher Hyman, also a Corvestprincipal, are general partners in the acquiring entity along withKevin Silverang and Robert Jacoby.

The new owners plan to invest "upwards of $1 million to returnthe property to true class A status," he says. A new roof, HVACsystem and signage; resurfaced parking areas, and renovation of allcommon areas are among the upgrades planned. Corvest istraditionally a value-add buyer.

The owners have arranged a long-term lease extension with K.W.Tunnell, a provider of consulting services to the US government,which currently occupies the entire first floor. A new tenant,Phoenix Data Systems Inc., has signed a lease for 16,982 sf on thethird floor, and Corvest itself plans to relocate to 2,182 sf onthe second floor. "The building will be 95% occupied by January,"says Corenzwit, and Corvest Realty Management Inc., the buyer'saffiliate, is managing the property.