Rochester, NY Marcus & Millichap closed the sale of two suburban office complexes. The office complexes are Corporate Crossing, a five-building, 212,839 s/f office complex in Pittsford, and Canal View, a three-building, 118,375 s/f office complex. The two properties sold for a total of $45 million.
Brett Chetek, senior director of The Chetek Group of Marcus & Millichap exclusively represented the seller, a private partnership specializing in development, management, and value-add properties, and procured the buyer, a New York family office with large real estate holdings across the country. John Krueger was Marcus & Millichap’s broker of record on this transaction.
Located less than eight miles apart, the two complexes are occupied by prominent tenants, including the area’s largest employer, the University of Rochester, The Bonadio Group, KeyBank, Wells Fargo & Co., Oracle Corp., Gatehouse Media Inc., Level 3 Communications, and NetApp Inc.
Corporate Crossing was built between 1998 and 2002 on 20.6 acres east of I-490 in Pittsford. The 15-tenant, 212,839 s/f property offers views, parking, and co-tenant synergies.
Canal View is a 118,375 s/f office complex built between 1999 and 2003 on 17.8 acres off Brighton Henrietta Town Rd., close to I-590 and I-390. At the time of the sale, the property was 97% occupied and The University of Rochester Medical had recently signed a long-term lease.
“Corporate Crossing and Canal View are the market dominant office buildings in credit tenants, luxury build-outs, occupancy, and rents,” said Chetek. “Both properties are ideally positioned to support a growing workforce in Rochester’s top office submarket and are in affluent towns where many of the tenants’ top executives and employees live. The amenities these towns offer are unparalleled in comparison to other parts of Rochester and the properties are in a class of their own when it comes to the Rochester office market.”