Structure deal to buy Office Building

[Jim Shiminski]

My business partner and i own an office building that our company occupies. We bought the building about 4 years ago with an LLC. We are 50/50 in the LLC. We purchased the building for $250,000. We paid cash in the transaction. Our company pays $35,000 per year; triple net. Our LLC doesn't have any expenses.

My partner is winding down and looking at a 5 year exit from the business.  i would like to buy his half of the building and am looking for recommendations on how to structure the deal to do that.  I am investing in other real estate but have money set aside for that.  Any input would be greatly accepted.  Feel free to ask questions.  Thanks.  Cheers.