TROY, MI-Miami-based Rialto Capital Management, a subsidiary ofLennar Corp., has purchased the 1.2-million-square-foot North TroyCorporate Park here for an undisclosed amount. The company hashired Friedman Integrated Real Estate Solutions to lease and managethe park, which is 29% occupied.

The property along Tower Drive, Corporate Drive and New KingStreet was once mostly occupied by automotive supplier EDS. Afterthe firm was acquired by Hewlett-Packard and left, Emmes & Co.bought the buildings for about $80 million in 2008, but reneged onthe $55.4 million loan, and lender Anglo Irish took the siteback.

The Troy office market, with about 13 million square feet, stillhas one of the lowest vacancy rates at 30%, as the region’s autosuppliers were hit hard by the recession. However, David Friedman,president and CEO of the self-named firm, tells GlobeSt.com thatthe auto industry is on its way back up. The city did have positiveabsorption of about 200,000 square feet in the first quarter.