OPPORTUNITY
- Acquire 56,000-square-foot multi-tenant office building from lender in foreclosure
- Prestigious submarket
- Modern, well designed building
CHALLENGES
- Negotiating deed-in-lieu from existing owner
- Obtaining acquisition loan from existing lender – NYSE mortgage REIT
- 50% vacant at acquisition
RESULTS
- 90% occupied
- Long-term, fixed-rate financing
- Stabilized cash flow allowing for partner distributions