Bridge Office Expands Atlanta Portfolio
- Jan 10, 2018
Bridge Office Fund Manager LLC has expanded its holdings by a whopping 2.2 million square feet. The real estate investment company recently completed the acquisition of a 13-building office portfolio from Piedmont Office Realty Trust.
“These properties are directly in line with the Bridge Office urban suburban investment strategy of acquiring into the prime business centers of healthy cities around the U.S.,” Jeff Shaw, principal with Bridge Office Fund Manager LLC & CEO of Bridge Commercial Real Estate, said in a prepared statement.
KeyBank provided a $237.1 million first mortgage, bridge loan to Bridge Investment Group for the acquisition. Alex Buecking, Devin Jolley and Josh Berde of Key’s Real Estate Capital Group structured the non-recourse financing with a three-year term and two, 12-month extension options.
Bridge Office’s new purchases boast locations in the suburban markets of Atlanta, Boston, Chicago, Detroit, Nashville and Washington, D.C., as well as Phoenix proper and South Florida. The list of properties includes: Suwanee Gateway in Suwanee, Ga.; 1200 Crown Colony Drive in Quincy, Mass.; Windy Point I & II and 2300 Cabot Drive, located in the Illinois cities of Schaumburg and Lisle, respectively; 1075 W. Entrance Drive & Auburn Hills Corporate Center in Auburn Hills, Mich.; 5301 Maryland Way in Brentwood, Tenn.; and Piedmont Point I & II in Bethesda, MD, just outside Washington, D.C. Completing the collection are Phoenix’s Desert Canyon 300 and 5601 Hiatus Rd. in Tamarac, Fla.
“The excellent locations, cost of living, quality lifestyle, steady job growth and the talented labor pools of these markets make the properties appealing to office tenants,” Shaw added.
The office portfolio has an average occupancy level of 76 percent, a figure Bridge Office plans to bolster by upgrading the properties to increase their appeal to the modern labor pool.
WHAT THE WORKFORCE WANTS
Transforming value-add properties into highly coveted destinations is part of Bridge Office’s routine. The company’s renovation plans for the newly acquired properties will encompass such offerings as collaborative workspace, which is high on office tenants’ list of desirable features, but that’s just for starters.
According to a report by commercial real estate services firm Colliers International, in addition to co-working and collaborative space, trends that are forecasted to impact property owners and occupiers in 2018 include security & safety, space consolidation, placemaking, and of course, technology. “We expect each of these trends to intertwine with technology changes continuing to disrupt the status quo, and improving our buildings and workspaces,” per the report.
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