In 2007, The Excelsior Group (TEG) identified this building, vacant at the time, as an investment opportunity given its outstanding location and a motivated seller. To acquire the property, TEG formed a partnership of individual investors and CarVal Investments- an institutional real estate investment firm. TEG provided due diligence, acquisition, strategic planning, construction management, property management, and asset management services to the partnership. With the help of local leasing brokers, TEG successfully negotiated a lease with Nestle Health Care Nutrition to occupy the entire building.
In 2008, TEG facilitated the sale of the property to another client, Klefstad Companies. The transaction between the two TEG-managed partnerships was successful given the different investment objectives of each firm. TEG continues to provide asset and property management services for this property.