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NEWPORT NEWS, VA-Vienna, VA-based Sage Real Estate, a recently formed local firm headed by former Trammell Crow executive Steve Shelesky, along with joint venture partner Keane Enterprises, has scored what may well be the distressed deal of the year: a 141,000-square-foot office building downtown here for an eye-popping $16 per square foot. Its assessed value is two-and-a-half times what the company paid. 

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