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Preston Hill, Middlebury, CT

Property Sq Ft: 408,000

Purchase Date: December, 1997

Purchase Price: N/A

Year Built: 1972

Client: Uniroyal Chemical Company

Tenantwise represented Uniroyal Chemical in the repurchase of its headquarters from IBM. Tenantwise arranged for long term debt to defease the existing lease and provide ownership to Uniroyal with third party equity, which was not easy given its non-investment grade rating. In an effort to better its position, IBM provided the equity, and Tenantwise arranged for the defeasance of the lease and occupancy by Uniroyal. The transaction was Connecticut’s largest office transaction for that year.