SPS Tower is a 31-story 655,070-square-foot office tower at 333 S. Seventh St. in Minneapolis.
HOUSTON—Transwestern Commercial Services has been selected to provide property management services on behalf of Santa Clara, CA-based Sumitomo Corporation of Americas for its entire US portfolio. This includes managing assets valued at more than $800 million and 3.1 million square feet of class-A office properties in five metropolitan markets.
“Our client's US portfolio is expertly comprised of assets that help define the cities within which they are located, and our property management teams are equipped to enhance the value and sense of place each property provides,” said Bruce Ford, Transwestern Commercial Services east region president and relationship manager for Sumitomo.
Transwestern Commercial Services oversees the following assets: Atlanta Financial Center, a three-building 914,774-square-foot office complex at 3353 Peachtree Rd. in Atlanta's Financial District and the largest property Sumitomo has purchased to date; SPS Tower, a 31-story 655,070-square-foot office tower at 333 S. Seventh St. in downtown Minneapolis; 203 N. LaSalle, a 27-floor 625,221-square-foot office tower in Chicago's Central Business District; Miami Tower, a 47-story 619,084-square-foot office tower at 100 S.E. Second St. in Miami's Central Business District; and 450 B St., a 20-story 283,786-square-foot office tower in San Diego's downtown core district. In addition to providing investment advisory and asset services, Transwestern is also the leasing agent for Atlanta Financial Center, 203 N. LaSalle, Miami Tower and SPS Tower.
“We greatly value our long-standing relationship with Sumitomo. Transwestern is committed to providing a high level of service through our collaborative team approach that couples the local expertise with national insight to drive greater results,” Ford tells GlobeSt.com.
For the past six years, Transwestern has provided investment advisory services to Sumitomo Corporation of Americas including sourcing, property evaluations, operational assessments and market assessments. Transwestern continues to serve in that capacity as Sumitomo seeks to further expand its US portfolio and will provide asset services for new acquisitions in the 34 cities in which Transwestern Commercial operates.
“As part of our account management strategy, we ensure that our asset services teams work in concert with leasing to create a cohesive tenant experience,” said Andi Lopez, Transwestern Commercial Services senior vice president and asset manager for Sumitomo. “Our unified approach allows us to maximize efficiencies and apply financial acumen at every level.”
Overall office leasing activity in the US has slowed since 2016 but still ended the first quarter 1.5 million square feet higher than a year ago, according to an office report by Transwestern. Net absorption fell to 10.9 million square feet, with sublet space recording negative growth of 1.6 million square feet.
Construction activity jumped 9.7% during the past year, the highest level in the current cycle, but rising land and construction costs and labor challenges continue to limit new building deliveries and stave off systemic overbuilding that undermined some previous cycles, says the report.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
