In December of 2017, we acquired Precedent Office Park located in the Keystone submarket of Indianapolis after leveraging what we believed to be an inefficient/limited sales process run by a motivated seller. Post-closing, we rebranded the park, Lakefront, given the 38 acre lake upon which the majority of the buildings are situated. We then executed a repositioning of the asset including a rebranding program in addition to renovating vacant space and building out top-of-market amenities surrounding the lake. Throughout ownership of the asset, we have sold off stabilized buildings concentrating our building ownership around the amenities and the lake and allowing for a smaller sized portfolio upon disposition.
Pennant Park
Pennant Park
Acquired in March 2016, Pennant Park is an eleven building 67-acre campus with three additional development land parcels located in Atlanta, Georgia. We originally bought the asset from an insurance company who had foreclosed on the prior owner. This company provided accretive Seller financing with approximately 70% of the initial costs and most of the additional future funding needs for capital and releasing costs. The investment strategy, which was accomplished, was to sell off individual buildings within the campus, leaving a core set of properties which surrounded a renovated outdoor activity space. In addition, we repositioned the buildings through modernization of the office common areas, enhancement of the exterior facades and the programmatic “white-boxing” of 50% of the interior vacant space. Today, the campus is close to 100% leased.
5600 Headquarters
5600 Headquarters
In March 2022, the fund acquired 5600 Headquarters, a Class A asset comprising ~250,000 RSF of office space situated in the Legacy submarket of Dallas, Texas. PepsiCo, the corporate seller, leased back 100% of the property for a 1-year term upon acquisition. The business plan calls for extensive capital repositioning and leasing expenditures to fully stabilize the property once the PepsiCo leaseback expires. Planning and design has progressed on the capital plan, which includes a renovated main lobby interior and entry/façade and refurbished wing lobbies, allowing tenants to have privacy and security in a multi-tenanted asset. The capital plan also includes upgrading the amenity package consisting of food service, coffee bar, lounge, conference, and fitness. On the leasing front, we have already seen significant interest from multiple tenants who are interested in leasing the entire building.
Sanctuary Park
Sanctuary Park
In September 2016, we acquired a nine building ~1.6 M SF institutional quality 152-acre office campus in Alpharetta, Georgia. The asset also includes three fully entitled land parcels with up to ~710,000 SF of future office development. Post-closing, we executed our business plan to release the Stonebridge I & II buildings which were known to be vacated by Verizon shortly after closing. After successfully leasing up the Stonebridge buildings to ~90% to strong credit tenants such as Delta Dental and McKesson, we sold the three building, 460k SF portfolio to Starwood in Q1 2021. In addition, we executed modest renovations to other existing buildings and constructed a state-of-the-art 25k SF amenity building with high quality dining, fitness, conference and collaboration space.
Chesterbrook Amenity Center - Circuit
Chesterbrook Amenity Center - Circuit
966 Chesterbrook
Chesterbrook
In August 2019, Rubenstein Partners closed Chesterbrook Corporate Center, a 14-building, approximately ~1.1 million SF portfolio located in the King of Prussia submarket of the Philadelphia suburbs. Post-closing, we executed a business plan that prioritized updating the building facades and entries, modernizing the lobbies, and creating a centrally located amenity center with traditional amenities and high rent coworking space. Upon successful completion of this capex plan, we are far ahead of our anticipated leasing schedules and intend to ultimately lease the renovated buildings to full capacity.
Campus before redevelopment
Bayer Healthcare North American HQ
Bayer Healthcare North American HQ
Bayer Healthcare North American HQ
MetLife Investments HQ site before construction
MetLife Investments HQ
67 Whippany
In December 2010, we acquired a vacant campus on a 194-acre park from its corporate owner, Alcatel-Lucent. Post-closing, we reached agreement with Bayer Healthcare to develop its North American headquarters by reconstructing and combining two adjacent Class B buildings totaling 500K SF into a state-of-the-art 700K SF headquarters complex. Additionally, we developed a 185K SF build-to-suit for MetLife Investments to serve as its headquarters on another portion of the site.
NASCAR Plaza
NASCAR Plaza
Main lobby
Main lobby
Main entrance
NASCAR Plaza
In December 2010, we acquired control of NASCAR Plaza through a note purchase from two banks and a separate fee purchase from the defaulted borrower. Post-closing, we executed a self-foreclosure to extinguish any junior liens and clean up the ownership structure. Soon thereafter we leased the majority of the property’s vacancy to Chiquita Brands International for its global headquarters.
Lenovo Enterprise Campus
Lenovo Enterprise Campus
Lenovo Enterprise Campus
Collaboration areas
Research and development
Lenovo Enterprise Campus
In December 2013, we acquired a 486K SF vacant campus on a 67-acre park from its corporate owner, Ericsson, through a privately negotiated process. In March 2014, months after closing, we leased the entire campus to Lenovo Enterprise on a long-term, triple net basis.
Façade before redevelopment
Façade after redevelopment
Façade before redevelopment
Façade after redevelopment
Main entrance
Lobby before redevelopment
Lobby after redevelopment
Lobby before redevelopment
Lobby after redevelopment
211 Mount Airy Road
In September 2013, we acquired 211 Mount Airy Road from its corporate owner, Avaya. Post-closing, we executed an extensive redevelopment, which included a new façade and building systems and an upgraded amenity package, and soon thereafter we leased the entire building (306K SF) to Daiichi Sankyo for its North American headquarters.
Main entrance and retail before redevelopment
Main entrance and retail after redevelopment
Façade and main entrance before redevelopment
Façade and main entrance after redevelopment
Lobby before redevelopment
Lobby after redevelopment
Lobby after redevelopment
30 Montgomery
In December 2013, we acquired 30 Montgomery through an off-market recapitalization process brought about by our ability to react swiftly to a quick-moving opportunity. Post-closing, we completed an extensive redevelopment focused on improving the building’s exterior appearance and creating an expanded street-level lobby/retail presence, which allowed us to substantially increase the property’s rental rates.
