The growing trend of commercial tenants purchasing their space is highlighted in a recent Wall Street Journal article.
Bedrock Brands, a Texas company with an investment in Steven Alan and other retail brands purchased 177 Franklin Street for $14.5 million. The building was slated to become a residential building, but Bedrock and Steven Alan will use the building for their retail, showroom and office space.
Many companies desire to purchase an entire building but often find that purchasing an office condominium is the ideal form to own their space. With an office condo the company does not have to manage the building and their space is more efficient if they can fit on a single floor.