Real Estate Transaction: Metro Office Park

Property: Metro Office Park, an eight-building suburban office park

Buyer: Metropolitan Airports Commission

Seller: Teachers Insurance and Annuity Association

Source: Buyer and Seller

Sale Date: October 25, 1997

Sale Price: $33,100,000

Unit Price: $60.68/sq. ft.

Net Rentable Area: NA

Gross Building Area: 611, 974

Zoning: CO-1 (PD) Commercial Office Planned District

Utilities: All Available

Topography and Soil: Level and assumed sound

Visibility and Access: Very good

Age: 1968-1979

Land Size: 981,247 sq.ft. or 22.53 acres

Remarks: This Class B office complex was bought by the Metropolitan Airports Commission for future airport use. The complex required approximately $8 million of capital improvements after the purchase. The property sold at a capitalization rate of 10.3% of existing net operating income. The sale did not reflect any personal property items. The occupancy rate at the time of the sale was 98%.

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