Acquisition Marks Continued Expansion of Bridge Investment Group’s National Footprint
Bridge Office Fund Manager LLC (Bridge Office), a subsidiary of Bridge Investment Group LLC (Bridge), today announced the acquisition of a portfolio of 13 office buildings from Piedmont Office Realty Trust (NYSE:PDM) through its affiliates.
The properties, which total more than 2.2 million SF of office space, have a combined occupancy of 76 percent. The buildings acquired are located close to major thoroughfares and provide easy access and short commute times from a large professional job base.
“With the acquisition of these quality assets, we are excited to expand our national footprint to more than 9 million square feet across 15 states,” said Jeff Shaw Principal with Bridge Office and CEO of Bridge Commercial Real Estate. “The excellent locations, cost of living, quality lifestyle, steady job growth and the talented labor pools of these markets make the properties appealing to office tenants. These properties are directly in line with the Bridge Office urban suburban investment strategy of acquiring into the prime business centers of healthy cities around the US.”
The portfolio consists of assets strategically located throughout the growing prime suburban markets of Atlanta, GA; Boston, MA; Chicago, IL; Nashville, TN; Phoenix, AZ; Bethesda, MD; Detroit, MI; as well as locations in South Florida. Specifically:
- Desert Canyon 300 (Phoenix, AZ),
- Windy Point I & II (Schaumburg, IL),
- 2300 Cabot Drive (Lisle, IL),
- 1075 West Entrance Drive & Auburn Hills Corporate Center (Auburn Hills, MI),
- 5301 Maryland Way (Brentwood, TN),
- Suwanee Gateway One (Suwanee, GA),
- 5601 Hiatus Road (Tamarac, FL),
- Piedmont Point I & II (Bethesda, MD) and
- 1200 Crown Colony Drive (Quincy, MA).
The purchase by Bridge Office will expand the company’s presence of Class A Office space in markets that continue to outperform overall national suburban market growth and will expand the Bridge Office portfolio to 69 buildings and more than 9 million SF.
Bridge will upgrade the assets and amenities to attract today’s labor force. Features such as collaborative work spaces, training and conference rooms, workout facilities, cafés/food service, and web-based technology to enhance the tenant experience and add true business value will be added depending on the individual needs of the property.
“A large transaction like this – across multiple states, in a short period of time that was smoothly executed by our asset, acquisition, due diligence, property management, construction and leasing teams is a true reflection of the experience of Bridge’s specialized, vertically integrated national operating platform,” said John Ward, Chief Investment Officer with Bridge Office. “Bridge believes with a stable and diverse roster of tenants, several long-term commitments from investment grade companies and the implementation of the company’s active, ‘roll up our sleeves’ ownership style, we will create tremendous value for both the tenants and our investors.”