Stonewater Acquires $20 Million Class A Trophy
Office Portfolio
White Plains, New York – August 7, 2006: Stonewater Partners announced today that it has closed on the purchase of 302, 354 and 356 Mountain View Drive, a 133,000 square foot Class A office portfolio that is part of the prestigious Water Tower Hill office park in Burlington, VT.
The buildings are currently 75% leased to major national, international and Fortune 500 companies including KPMG, Unicel, Fletcher Allen Healthcare, USDA and Metropolitan Life. With a picturesque setting atop Water Tower Hill, the assets command sweeping 360◦ panoramic views of Lake Champlain, Mount Mansfield, Lake Placid and downtown Burlington. Commenting on the transaction, Jeffrey Toporek, a Stonewater principal, stated "the transaction is a prime example of Stonewater’s multi-tenant value-add investment strategy. The property, location, access and tenant base are inextricably linked to University of Vermont, making the portfolio a great fit for our investment strategy of owning the preeminent assets in college towns.”
David Stade, also a Stonewater principal, added “the acquisition further marks Stonewater’s commitment to the region with its second acquisition in Vermont this year, demonstrating our belief in the demographic profile and growing economic base. In fact, letters of intent have been executed that should bring occupancy to over 85% within the next 60 days.”
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