U. City Lions Office Building PROJECT DETAILS

VRE purchased a controlling interest in this property in an off market transaction with the intention that this would be a long term investment for the company. This property consists of two interconnected multiuse buildings totaling over 70,000 square feet of leasable area. The initial attributes of this property were a well leased project with a credit tenant as the largest tenant in a submarket that was well known to VRE. After several years of strong cash flows, the major tenant vacated the property. VRE gutted the top two floors of the property in order to convert that space from being leased to a single tenant to multiple tenants that would pay higher rents. VRE owned and actively managed this property for 17 years before selling it to a 1031 exchange buyer at an excellent cap rate in 2016.