Highland Capital Management has finalized the purchase of the class-A 42-story office Cityplace Tower building from a joint venture partnership between Parmenter Realty Partners and Angelo, Gordon & Co.
The new organizational structure will replace the existing operations that manage CBRE's services business within its existing geographic businesses—Americas, EMEA and APAC. That structure will remain in effect for the remainder of 2018.
Since 2015, the Fogelman-Thackeray partnership has acquired seven multifamily communities totaling more than 1,800 units, with an aggregate value of more than $220 million.
The Summit, located just one block north of the existing Arch building in the heart of downtown, will double the footprint of the convention center when it opens for business in 2022.
Phase one connects buses from AC Transit and WestCAT to/from the East Bay, and Greyhound and Amtrak Thruway buses with Muni service while phase two would bring in Caltrain and high-speed rail.
The company states that construction will start immediately after securing the building permit for the project that secured $2.7 million in performance-based tax credits from New York State through the Excelsior Jobs Program.
“I'm excited to be a part of a company that is focused investing in the affordable housing industry to help create quality homes for consumers,” says Monarch Private Capital's Brett Barringer.