PFA Pension Fund Buys Stake in Large Office Portfolio
- Mar 31, 2017
Jersey City, N.J. and Dallas—Denmark-based PFA Pension Fund, a privately-owned investment fund, has formed two separate joint ventures with Spear Street Capital of San Francisco to acquire a 49 percent stake in two office properties.
Known as the Invictus Portfolio, the office assets are located in Dallas, Texas and Jersey City, N.J., and were previously owned by several investment funds managed by Spear Street, which will continue to serve as property manager. Accord Capital Partners served as the exclusive financial advisor in this acquisition. Terms of the transaction remained undisclosed.
Totaling around 1.2 million square feet of office space, the Invictus Portfolio consists of two Class A office properties.
At 796,200 square feet, Galatyn Commons is one of the largest blocks of premium office space in North Texas and comprises four buildings:
- Galatyn Commons Building A (157,750 square feet) and Building B (142,160 square feet), both located at 2375 North Glenville Drive.
- Galatyn Commons Building C (198,735 square feet), located at 2380 Performance Drive.
- Galatyn Commons Building D (291,469 square feet), located at 1011 Galatyn Parkway
The second property is 90 Hudson, a 12-story, 418,046-square-foot building located in Jersey City. Spear Street Capital purchased the asset in spring 2016 from Gramercy Property Trust in a $299 million transaction that also involved the 409,272-square-foot 70 Hudson building.
Images courtesy of Yardi Matrix