Buy the property or buyout the partnership?

[Sandy Fiser]

I'm interested in a commercial property consisting of office space. The property is currently owned by a partnership that initially included 8 people. Over the years, some of the partners have died so now their interest has been divided between heirs. Four of the original 8 would like to hold onto the property and the other 50% want out. The property is a good deal, and I would like to either buyout 50% of the interests or the whole partnership. The price for the whole property is $300k, and the partnership currently holds ~$160,000 cash in an account. What is the best way to structure and offer? Am I buying a property or a partnership/business? If the deal is structured as buying a business, does that have the same impact on property taxes that a new sales price does? I'm new to this kind of deal, so any help is greatly appreciated. Thanks!