Starwood Capital JV Buys 650 KSF Office Campus
- Jul 05, 2019
An affiliate of Starwood Capital Group and its partners Trinity Capital Advisors and Vanderbilt Partners have acquired Park Point at Research Triangle Park in Raleigh, N.C., and are planning a major redevelopment of the site into creative office space.
The ownership group plans to spend more than $100 million to renovate and reposition the 645,000-square-foot property on the 95-acre site. The owners say it will be one of the only true creative office options in Research Triangle Park. Renovations will begin immediately, with tenants able to occupy the space as early as the second quarter of 2020.
The property’s interconnected industrial, office and lab space will feature ceiling heights of 19 to 24 feet, polished concrete floors and an atrium. The renovations will increase the site’s connectivity and creativity. In addition to indoor renovations, the owners plan to create about 300,000 square feet of indoor and outdoor gathering areas, athletic fields, walking trails, on-site food service, a fitness center and training and conference facilities.
Trinity Partners will lease and manage Park Point, which will have an on-site management team. William Allen, a partner at Trinity Partners, will lead leasing efforts.
Teaming up for deals
The ownership group purchased Duke Realty’s Perimeter Park portfolio five years ago. That deal was part of Duke’s $1.1 billion disposition of its entire office portfolio in the Triangle area and other markets including Nashville, St. Louis and South Florida. The partners acquired 62 office properties with a total of 6.9 million square feet and 57 acres of undeveloped land.
The team has worked together on other deals in the recent past. In May, a joint venture of Starwood Real Estate Income Trust Inc. and affiliates of Trinity Capital and Vanderbilt Office Properties acquired a 1.3 million-square-foot, 11-building Class A office portfolio in Jacksonville, Fla., for about $231 million.