Westcore Sells Building in Austria for $39.2 Million

SAN DIEGO, July 22 /PRNewswire/ -- San Diego-based Westcore Properties, which opened a European office in Lausanne, Switzerland, in November 2006, has sold a 125,000-square-foot office building in Austria for $39.2 million (euro 24.5 million). The buyer of the six-story, class-"A" building in the Wienerburg submarket of Vienna was Credit Suisse Asset Management Immobilien Kapitalanlagegesellschaft mbH. The building was acquired in February 2007 as part of a three-building portfolio purchased from Philips Electronics NV for $108 million. According to Marc Brutten, Westcore's Chairman, the disposition was the culmination of a systematic approach to add value to this asset. "Our team improved the physical plant and exterior while renegotiating the major leases to new 10-year terms, creating significant value," Brutten said.... [read full story]