PRP acquired this office building as REO from a lending institution at a significant discount to the previous owner’s basis. It was acquired at a 9% unleveraged yield, provided current cash flow. At the time of acquisition, the property was 94% leased, but rents were well below the market average. The primary tenant, CBS Radio, had significant capital investment in their facilities, making the likelihood of renewal high. PRP renewed the primary tenant and sold the asset in 2015, exceeding the initial projected underwritten returns.