Recognizing the inherent value of this well located 180,000-square-foot single-story granite and glass office building, Prism outbid several major, institutional organizations in 2003 when it acquired 399 Jefferson Road. The company paid $20.7 million at a federal bankruptcy auction, completing the "all-cash," transaction in just 10 days. Factors that contributed to Prism's confidence in the building included: 50% below-market rent being paid by the property's existing tenant, Medco Health Solutions, with three years remaining on its lease; the building's heavy mechanical infrastructure, high ceilings, a tenant-invested capital commitment and an outstanding approved parking ratio of 7 cars per 1,000 square feet. However, Medco announced its intention to leave the property at the end of its lease and ceased operations in July 2005, contrary to the pro forma underwriting. In response, Prism immediately commenced marketing, and by the year-end, HSBC, an international banking company, had signed a definitive agreement to purchase the asset and relocate its primary U.S. data center, statement operations and business continuity functions to this location. HSBC was attracted by the same positive qualities that Prism had initially identified, and the sale closed on March 28, 2006, exactly three years after the initial acquisition.