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LAFAYETTE, CA-The 77,000-sf Corporate Terrace office complex here has changed hands for $22.6 million, industry sources tell GlobeSt.com. A JV of San Mateo, CA-based Glenborough LLC and Chicago-based fund manager Henderson Global Investors acquired the three-building development from investment fund manager TA Associates Realty of Boston, which paid $15.9 million for the building in 2004.

Located on 4.22 acres in central downtown Lafayette, Corporate Terrace is composed of three terraced cedar shake office buildings–one two-story standalone structure and two three-story buildings joined by a common walkway and courtyard. Occupancy is currently 92%; the asking lease rate is $3 per sf per month, net of electric.

Glenborough chief executive Andy Batinovich tells GlobeSt.com that no tenants occupy more than 10% of the net rentable area and that there is “a very balanced lease expiration schedule.”Located on the north side of Mt. Diablo Boulevard at 3466-3470 Corporate Terrace is the fifth acquisition by the Henderson Property Fund-Glenborough joint venture, HPF-GLB Fund I LLC. The purchase expands Glenborough’s presence in the San Francisco Bay Area where the company leases and manages more than two million sf.

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