Suburban NYC Office Portfolio Trades for $45M

Morgan Management sold the Class A Canal View in Rochester, N.Y., and Corporate Crossing in Pittsford, N.Y., two years after acquiring them for Sovereign Partners for $35 million.
171 Sully's Trail, Pittsford, N.Y.
171 Sully’s Trail, Pittsford, N.Y.

Morgan Management has disposed of two premier suburban New York office campuses in a $45 million deal. The portfolio totals 331,214 square feet in eight buildings.

The first office campus is the 212,839-square-foot Corporate Crossing in Pittsford, N.Y. The property encompasses five buildings constructed between 1998 and 2002. Situated on 20.6 acres at 167, 171, 175, 179 and 183 Sully’s Trail, the buildings feature a fitness center, shared conference facilities, landscaped surroundings and plenty of parking space. Corporate Crossing’s tenant roster of 15 companies includes The Bonadio Group, Oracle Corp. and Gatehouse Media Inc.  

Prestigious tenants in prime space

The other office campus is the three-building Canal View in Rochester, N.Y. Completed in phases between 1999 and 2003, the property is situated on 17.8 acres at 140, 180 and 777 Canal View Blvd., and comprises 118,375 square feet of space. At the time of the sale, the assets were 97 percent leased to The University of Rochester Medical, KeyBank, Wells Fargo & Co., Level 3 Communications and NetApp Inc.

Both campuses are located nearly 8 miles away from each other and near major thoroughfares such as interstates 490, 590 and 390.

The Chetek Group of Marcus & Millichap negotiated the deal on behalf of the seller through Senior Director Brett Chetek, while Marcus & Millichap’s John Krueger served as broker of record on this transaction.

Corporate Crossing and Canal View are the market dominant office buildings in credit tenants, luxury build-outs, occupancy and rents,” Chetek said in a prepared statement. “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.” 

According to Yardi Matrix, the portfolio previously changed hands in 2016, when Morgan Management acquired it from Sovereign Partners for $35 million.

Image courtesy of Yardi Matrix