NGKF Capital Markets represented ownership, an affiliate of Lexington Realty Trust, in the sale of 2000 Eastman Drive in Milford, Ohio for $32,750,000. The Boston-based NGKF Capital Markets team of U.S. Head of Capital Markets Robert Griffin, Vice Chairman Edward Maher and Executive Managing Director Matthew Pullen, oversaw the transaction in conjunction with Director James Tribble and Executive Managing Director Doug Altemuehle, SIOR of NGKF’s Cincinnati office, CCR.
2000 Eastman Drive is a Class A, four-story, 221,215-square-foot, single tenant suburban office building. The property is presently 100 percent leased to Siemens Corporation, a U.S. subsidiary of Siemens AG and one of the world’s largest producers of energy-efficient, resource-saving technologies and a leading supplier of systems for power generation and transmission as well as medical diagnosis.
“We are thrilled to have represented an affiliate of Lexington Realty Trust in both the lease to Siemens as well as the sale of 2000 Eastman Drive,” said Altemuehle. “Combining our local office market knowledge along with the global marketing capabilities of the nationally top-performing Boston NGKF Capital Markets team, we were able to provide first-rate service to ownership for its largest asset in Cincinnati.”
“2000 Eastman boasts ‘best-in-park’ quality with a first-class physical plant in an attractive campus setting,” added Tribble.
2000 Eastman was sold to Cole Office & Industrial REIT (CCIT III), Inc., a publically-registered, non-listed company sponsored by Cole Capital® that focuses on investing in single-tenant, income-producing, necessity office and industrial properties, and which intends to qualify and elect to be taxed as a real estate investment trust. Cole Capital is the investment management business of VEREIT, Inc.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.
About Lexington Realty Trust
Lexington Realty Trust (LXP) is a publicly traded real estate investment trust (REIT) that owns a diversified portfolio of real estate assets consisting primarily of equity and debt investments in single-tenant net-leased commercial properties across the United States. Lexington seeks to expand its portfolio through build-to-suit transactions, sale-leaseback transactions and acquisitions. For more information or to follow Lexington on social media, visit www.lxp.com.