The CEO of the REIT said his company continues to redeploy capital from the Midwest market.Glenborough Realty Trust (NYSE: GLB) in San Mateo, Calif., has acquired the Chatham Executive Center for about $17 million. The property consists of a three-story office building with a rentable area of 63,346 sq. ft. located on Route 24 in Chatham, a site with transportation links to Manhattan and Newark Liberty International Airport.
ÂWe are continuing to redeploy capital from our dispositions in the Midwest to further focus our portfolio in our top markets,” said Andrew Batinovich, CEO of Glenborough. “We are building our presence in one of our core markets with high-quality assets like Chatham Executive Center in prime locations.Â
The REIT has a portfolio of 48 properties covering some 9 million sq. ft as of Dec. 31, 2005.