Brian Rosen
HALLANDALE BEACH, FL–Locally based Accesso Partners has secured a $750 million recap for an eight-office tower portfolio by Partners Group of Baar-Zug, Switzerland. The portfolio covers 3.4 million square feet in major US cities, which Accesso has declined to name.
Partners Group is now the majority owner of the portfolio with Accesso continuing to provide asset management and property management services.
The properties offer further lease-up and value add opportunities, according to Fabian Nuenschwander, managing director and Co-Head, Private Real Estate Americas at Partners Group. He said they are located in submarkets with good access to housing, education and multiple modes of transport. Also, “the portfolio is well positioned with employers that view the workplace an essential tool to attract and retain talent,” Nuenschwander adds.
Brian Rosen, Accesso's chief investment officer, says the transaction enables several of its investors to still participate in the future growth of the portfolio's eight properties.
“Many, Many” More Deals
Rosen tells GlobeSt.com that Accesso plans to do “many, many” more deals with the Partners Group. “We will look for deals in our target markets that meet our joint criteria—assets in need of repositioning—where we can make major improvements in the buildings or the operations,” he says.
Rosen also notes that Accesso and Partners “look for urban locations or dense suburban locations,” adding that Accesso recently moved into its own five-story headquarters that it designed and developed. We are “aggressively looking at [acquiring] office towers in Miami and South Florida for the first time in several years,” he says. . West Point Advisors of New York and Eaton Partners of Norwalk, Conn. advised Accesso Partners on the joint venture.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
