Westinghouse Energy Center

westingHouse

Grant Street Associates was challenged to sell the land owned by Westinghouse Electric concurrently with the sale of the leasehold interest in the office building owned by a third party. The parcel was 20% underutilized and a non-performing asset for the company.

APPROACH

  • Westinghouse desired to divest itself of the land for which it had management responsibilities and to remain a tenant in the office building for greater space flexibility in the future.
  • Conducted a land valuation and acreage was marketed to GSA’s network of investor/developer prospects both together with and separate from the buildings.
  • Protecting Westinghouse’s image and operational efficiency at the site was vitally important and extra care was taken throughout the marketing process.

RESULTS

After extensive marketing efforts and negotiations, the land and buildings were independently sold to an investor from New England.

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