Time Warner Cabes Division HW, East Syracuse, NY

At a bargain basement price of about $17.50 per square foot, Inland Real Estate Acquisitions, Inc. of Oak Brook, IL has purchased the 102,924-square-foot Time Warner Cable Division headquarters building in East Syracuse, NY.

The property, leased to Time Warner Cable, Inc., includes a two-story building containing office space and a broadcasting studio, as well as a 2.4-acre satellite dish farm that acts as a receiving station for Time Warner Cable’s broadcast signals.

The property was acquired for Inland Diversified Real Estate Trust, Inc. by Joe Cosenza, president of Inland Real Estate Acquisitions and vice chairman of The Inland Real Estate Group of Companies, Inc.

Joe Cosenza

“It is truly the backbone of operations for Time Warner Cable, Inc., the second largest cable operator in the United States with more than 14.4 million subscribers,” Cosenza said in a prepared statement.

“In the 10 years since its construction, Time Warner Cable has consolidated four business units into this building, which currently houses all of the company’s regional operations; executive, administrative and accounting offices and service and repair technicians and equipment,” Cosenza said.

The acquisition marks the second office property Inland Real Estate Acquisitions has acquired for Inland Diversified. In September, the company acquired a 105,106-square-foot building in Buffalo Grove, IL, leased to Siemens Corporation.

“When we look at single-tenant office or industrial properties, we pay particular attention to the financial strength of the tenant and the quality and functionality of the property, as well its adaptability for other uses going forward,” said Barry Lazarus, president and chief operating officer of Inland Diversified.

Barry Lazarus

“Time Warner Cable, Inc. has a BBB rating from Standard Poor’s and the building met our criteria in all regards.

“We believe well located office properties leased to stable, credit tenants serve as strong complements to our core portfolio of necessity-based retail centers.”

Inland Real Estate Acquisitions, Inc. is the purchasing arm for various entities that are a part of The Inland Real Estate Group of Companies, Inc.

Inland Diversified Real Estate Trust, Inc. is a public, non-listed real estate investment trust (REIT) that focuses on acquiring and developing commercial real estate located in the United States and Canada, as well as the potential acquisition of other REITs or real estate operating companies.

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