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Demand for suburban office assets took off in 2016. Sperry Equities spent $62.8M last year on suburban office buildings, capped by the $12.8M purchase of the 162k SF Parkway Corporate Center.
Sperry believes there's room to grow rent spreads and lower the vacancy from 12%, the rate when the deal was sealed on Dec. 19, Crain's reports. CBRE SVP Bill Novelli, who repped seller Janko Group and Alcion Ventures with associate Derek Fohl, said Sperry believes the suburban office market is undervalued.
The Janko-Alcion JV paid $7.4M for the property in 2011. [Crain's]
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