The multi-tenant office property Tech Ridge Business Park has been acquired by Brookwood Financial Partners L.L.C., a leading real estate company specializing in investment and asset management services. Tech Ridge was built in 2002-2003 and is located between Loop 410 and Loop 1604, near Interstate 10 in the Northwest submarket. It encompasses two buildings totaling 118,769 square feet.
Todd Mills of CBRE Group Inc. represented the seller, while Brookwood was represented in house and by Stream Realty. “The property has a superior location, and given our low cost basis, we will be able to offer prospective tenants very competitive leasing rates and incentive packages. The property, which is in a market that has improving fundamentals and increasing rental rates, is surrounded by numerous amenities and is very appealing to tenants that require quality space with separate entryways, high parking ratios and easy access to major thoroughfares,” declared Thomas Brown, director of acquisitions for Brookwood.
The company plans to lease the remaining 17 percent vacant space in the building and to maintain retention of current tenants by implementing an aggressive leasing strategy. It is also planning to invest in renovation of the two vacant suites, a total of 20,000 square feet, as well as in exterior upgrades such as painting, landscaping and new signage.
The Northwest submarket has experienced a decrease in vacancy, from 22.1 percent in the second quarter of 2009 to 19.5 percent in the current quarter, according to CBRE Econometric Advisors. It anticipates a continued decline in vacancy rates, based on the positive absorption in the Class A office sector in the last five out of six quarters.
Brookwood is a private equity firm that has acquired more than $518 million in real estate throughout 13 states in the U.S., with a realized and unrealized value of over $1.4 billion. Its portfolio totals 121 properties with more than 11 million square feet, including office, retail, flex and research & development space. It also includes 143 hotel rooms, 138 condominium units, 572 apartment units and 1,360 residential lots.
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