Distressed Office Conversion
- Purchased a four-building 680,000 sf, 34-acre office park in a lender-induced sale well below the outstanding debt balance and property replacement cost
- Opportunity to rezone majority of the property for residential uses
- Significant existing cash flow supported by a mix of high-credit tenants
Investment Themes:
Potential change of use from low-demand asset to high-demand, undersupplied product type