COLORADO SPRINGS, CO-Philadelphia-based Patriot Equities has purchased a 15-building portfolio of office buildings from publicly traded REIT, Corporate Office Properties Trust. The portfolio consists of class A office buildings totaling just under 1.2 million square feet.
The properties are over 90% leased to a diverse tenant roster composed mostly of Fortune 500 and Investment Grade companies. The portfolio consists of eight multi-tenant and seven single-buildings strategically surrounding the business centers of the marketplace.
Seventy percent of the portfolio has been constructed since 2006 and carries Gold and Silver LEED status. Most of building personal will stay with the properties so the day to day face of the operations will stay intact and consistent.
Patriot has hired CBRE to assist in the transition and ultimately employ the building personnel.
Cushman & Wakefield represented COPT and the two parties have been working together on the transaction since late summer. Patriot Equities' chief investment officer, Geoffrey Gardner tells GlobeSt.com that he cannot disclose the purchase price due to confidentiality agreements.
Erik Kolar, Patriot's president and CEO, states "COPT did an amazing job building a portfolio of high quality buildings at the most strategic locations in the marketplace and we are excited about building on their momentum."
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
