Partners Group acquires 4 million square feet of US office space valued at over USD 1 billion
Press release
Baar-Zug, Switzerland, 7 December 2017
Partners Group, the global private markets investment manager, has acquired a total of 4 million square feet of office space in the US on behalf of its clients since the start of the year. This US office portfolio has a total acquisition value of over USD 1 billion.
In May, Partners Group acquired 100 Peachtree, a 33-story and over 622,000 square foot office tower located in Atlanta, Georgia. In June, the firm acquired Burns and McDonnell Plaza, a Class A office building in Houston, Texas, while in October, it acquired Island Center and Waterford Plaza, two Class A office buildings in Tampa, Florida. Most recently, Partners Group completed its acquisition of a 26-story, 403,000 square foot office tower located in Buckhead, Atlanta's leading office submarket.
In addition, Partners Group recently completed the acquisition of a 2.2 million square foot portfolio of Class A office properties located in select suburban markets in Dallas, Chicago, Washington D.C., Austin and Boston via a tail-end liquidity transaction.
Partners Group will draw on its long track record of experience in real estate asset management to execute value-added business plans for the acquired properties in conjunction with local operating partners. Value creation initiatives will vary but will typically include increasing the buildings' occupancy to market levels, renewing leases and upgrading amenities and common areas to meet the changing demand of current and future tenants.
Ron Lamontagne, Managing Director and Head of Private Real Estate Americas at Partners Group, comments: "In the US, our sourcing efforts in the office sector have been concentrated on finding properties in secondary CBD markets that are benefitting from corporate relocations, job growth and associated infrastructure improvements. These investments are in line with our over-arching strategy of acquiring high-quality assets in strong locations that could benefit from a repositioning, or other active property management and value creation initiatives to drive net operating income."
Marc Weiss, Partner and Head of Private Real Estate Secondaries and Primaries at Partners Group, adds: "This substantial US office portfolio has been built by Partners Group's 'one team' approach to real estate investing, which encourages dialogue between our direct, primary and secondary team members. Our approach emphasizes the importance of proprietary sourcing through our network of local asset owners, GPs and operators, in order to avoid the highly competitive auction processes that tend to characterize transactions in the core space and traditional secondaries market."
About Partners Group
Partners Group is a global private markets investment management firm with over EUR 57 billion (USD 66 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 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 1,000 people and is listed on the SIX Swiss Exchange (symbol: PGHN) with a major ownership by its partners and employees.
Investor relations contact
Philip Sauer
Phone: +41 41 784 66 60
Email: [email protected]
Media relations contact
Jenny Blinch
Phone: +41 41 784 65 26
Email: [email protected]
Press release
Baar-Zug, Switzerland, 7 December 2017
Partners Group, the global private markets investment manager, has acquired a total of 4 million square feet of office space in the US on behalf of its clients since the start of the year. This US office portfolio has a total acquisition value of over USD 1 billion.
In May, Partners Group acquired 100 Peachtree, a 33-story and over 622,000 square foot office tower located in Atlanta, Georgia. In June, the firm acquired Burns and McDonnell Plaza, a Class A office building in Houston, Texas, while in October, it acquired Island Center and Waterford Plaza, two Class A office buildings in Tampa, Florida. Most recently, Partners Group completed its acquisition of a 26-story, 403,000 square foot office tower located in Buckhead, Atlanta's leading office submarket.
In addition, Partners Group recently completed the acquisition of a 2.2 million square foot portfolio of Class A office properties located in select suburban markets in Dallas, Chicago, Washington D.C., Austin and Boston via a tail-end liquidity transaction.
Partners Group will draw on its long track record of experience in real estate asset management to execute value-added business plans for the acquired properties in conjunction with local operating partners. Value creation initiatives will vary but will typically include increasing the buildings' occupancy to market levels, renewing leases and upgrading amenities and common areas to meet the changing demand of current and future tenants.
Ron Lamontagne, Managing Director and Head of Private Real Estate Americas at Partners Group, comments: "In the US, our sourcing efforts in the office sector have been concentrated on finding properties in secondary CBD markets that are benefitting from corporate relocations, job growth and associated infrastructure improvements. These investments are in line with our over-arching strategy of acquiring high-quality assets in strong locations that could benefit from a repositioning, or other active property management and value creation initiatives to drive net operating income."
Marc Weiss, Partner and Head of Private Real Estate Secondaries and Primaries at Partners Group, adds: "This substantial US office portfolio has been built by Partners Group's 'one team' approach to real estate investing, which encourages dialogue between our direct, primary and secondary team members. Our approach emphasizes the importance of proprietary sourcing through our network of local asset owners, GPs and operators, in order to avoid the highly competitive auction processes that tend to characterize transactions in the core space and traditional secondaries market."
About Partners Group
Partners Group is a global private markets investment management firm with over EUR 57 billion (USD 66 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 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 1,000 people and is listed on the SIX Swiss Exchange (symbol: PGHN) with a major ownership by its partners and employees.
Investor relations contact
Philip Sauer
Phone: +41 41 784 66 60
Email: [email protected]
Media relations contact
Jenny Blinch
Phone: +41 41 784 65 26
Email: [email protected]