Assets In Depth

226 Causeway Street 226 Causeway Street

226 Causeway Street

Boston, Massachusetts

Historic 193,000 sq. ft. asset located in Boston’s North Station area; bought after a maturity default on the property’s debt, during our ownership the property was redeveloped to appeal to tech and creative tenants including TripAdvisor, Stantec Engineering and the Boston Celtics, surrounding area improved with development of the Converse headquarters and creation of a waterfront promenade; the building was sold to a German pension fund in 2015.

Stadium TechCenter Stadium TechCenter

Stadium TechCenter

Silicon Valley, California

Four building campus totaling 535,000 sq. ft. in Santa Clara, California; one of the buildings was built speculatively and completed in 2016; during our ownership of existing buildings we upgraded the common areas and project amenities and completed a parking structure, surrounding area improved with completion of Levi’s Stadium and start of nearby residential and retail projects; the three original buildings were fully leased to Dell and Hortonworks and sold in 2015 to a domestic core fund; the sale of an 80% interest in the development project was completed in 2016 to the same buyer.

7700 Parmer 7700 Parmer

7700 Parmer

Austin, Texas

Four building 900,000 sq. ft. office campus built as the home of Freescale Semiconductor; campus was built to a standard well beyond typical suburban properties, successful negotiations with Freescale provided control of property operations and allowed for the company’s staged departure from the campus; our completion of campus wide improvements made the property suitable for multi-tenanting and led to long-term leases with credit firms including Google, Oracle, Electronic Arts and PayPal; sold to a U.S.-based investment manager.

Tahoe Landing Tahoe Landing

Tahoe Landing

Toronto, Ontario

Two building office complex totaling 306,000 sq. ft. located in suburban Toronto; the asset was originally built in 2010 for BlackBerry’s occupancy but was only 25% leased at the time of our acquisition; we completed lobby and common area improvements and signed major leases with TeraGo Networks and Bank of Nova Scotia which brought the project to full occupancy; completion of neighboring transit station solidified location, sold to a Canadian pension fund.

202 Westlake 202 Westlake

202 Westlake

Seattle, Washington

130,000 sq. ft. speculative development in the South Lake Union area of Seattle; the project was one of the first in South Lake Union and helped establish the area as a destination for tech firms; a full building lease was signed with Amazon.com for a fifteen year term commencing on completion of the building; the asset was sold to a European fund manager for a record setting value in 2013.

315 Park Avenue South
315 Park Avenue South 315 Park Avenue South

315 Park Avenue South

New York, New York

Prominent Midtown South property encompassing 325,000 sq. ft. bought through foreclosure process; the strategy for the asset centered on a complete reworking of the existing Credit Suisse lease covering most of the building; lease revisions provided operational and leasing control of the property while Credit Suisse paid rent; lobby, common areas and the building exterior were renovated; major tenants at the property upon sale included Credit Suisse, Oracle, Relativity Media and Staples; building was sold to a large domestic REIT.