DAUM Commercial Real Estate Services recently completed the sale of a 104,734 square-foot Class A office property in Cypress to Murray Company, a leading mechanical contractor. The building, located at 5995 Plaza Dr., was sold for $19 million.
The buyer was represented by DAUM EVPs Danielle Knudson and Christopher Migliori. On the other hand, CBRE’s Tom Sheets and Quint Carroll represented the seller.
Murray Company purchased the property as an owner/occupier at an estimated 30-35% of its replacement value. They plan to use most of the building for their corporate offices with over 250 employees eventually working from there. Improvements are also scheduled to be made on the property.
According to Migliori, “The current state of office market is facing challenges due to post-pandemic declines in tenant interest, sales volume, lease rates and absorption.” However,the discounted price offered for this office building presented a great opportunity for Murray Company as they expand their business operations into this new location as experienced mechanical contractors.”
This news originally appeared on Connect CRE.
