MIAMI, Fla., July 28, 2016 – Parmenter, a fully integrated real estate investment, management and development firm, has entered a joint venture with funds managed and/or advised by Partners Group AG, the global private markets investment manager, or its affiliates to recapitalize, refurbish and reposition three Class A office assets collectively totaling 1.3 million square feet. The transaction was led for Partners Group by its real estate secondaries investment team.
Las Colinas Towers I & II, a two-building office complex in Irving, Texas, cover an aggregate 484,028 square feet. The two towers have won multiple TOBY and BOMA awards in recognition of their outstanding design and tenant feature.
The nearby Mandalay Tower is a 12-Story, 325,253-square-foot Class A office building that has achieved LEED™ Silver and ENERGY STAR® Certified status.
Both award-winning assets are located in the sought-after Las Colinas Urban Center across the street from the Music Factory and Water Street mixed-use developments, as well as near restaurants, hotels and retail. The location offers convenient access to DFW International Airport, as well as Love Field and downtown Dallas.
“The Music Factory and Water Street projects in Irving are game-changers,” said Josh Hedderich, Senior Vice President Asset Management at Parmenter. “When completed, they will make the area a true live-work-play destination — and we will be implementing a $5 million capital improvement program to make sure that the Colinas Towers and Mandalay Tower are positioned to be a major part of that transition.”
The third asset in the venture is the SunTrust Center in Richmond, Virginia. This 486,340-square-foot Class A landmark project hosts several high-profile tenants, including LeClairRyan, Virginia Chamber of Commerce and the Greater Richmond Chamber of Commerce. It is located in a prime location in the heart of Richmond’s downtown, affording visitors and tenants views of the city, the capitol building and the James River.
“The SunTrust Center is an iconic building in Richmond,” said John Davidson, Managing Principal – Southeast Region at Parmenter. “It’s location and amenities make it very attractive to tenants. In fact, during the past two years, it has the experienced the greatest tenant uptake of any office building in the area. We are thrilled to be able to further improve on the asset to make it even more attractive to the businesses. At the end of next year, a long-term tenant will be vacating about half the available office space. This gives us a great opportunity to modernize and make extensive mechanical upgrades that will improve performance and the tenant experience, as well as dramatically reduce energy consumption. It’s exciting to be able to take this well-known building into the future.”
Parmenter is a fully integrated real estate investment, management and development firm, headquartered in Miami, Florida, with three regional offices in Atlanta and Dallas. Parmenter owns and operates high-quality office properties, and is actively involved in the expansion of its portfolio throughout its targeted markets.
Partners Group is a global private markets investment management firm with over USD 55 billion in investment programs under management in private equity, private real estate, private infrastructure and private debt. The firm manages a broad range of customized portfolios for an international clientele of institutional investors. Partners Group is headquartered in Zug, Switzerland and has offices in San Francisco, Denver, Houston, New York, São Paulo, London, Guernsey, Paris, Luxembourg, Milan, Munich, Dubai, Mumbai, Singapore, Manila, Shanghai, Seoul, Tokyo and Sydney. The firm employs over 850 people and is listed on the SIX Swiss Exchange (symbol: PGHN) with a major ownership by its partners and employees.