East West Capital has acquired Crown Pointe in Columbia, South Carolina. The building, located at 1400 Browning Road, has 36,693 sf of Class A office space and is currently 100% leased.
“We are delighted to enter the Columbia market with the purchase of this beautiful and immaculately well-maintained property.” said David Moritz, Managing Partner. “Crown Pointe is located in the St. Andrews submarket, considered ‘Best in Class’ among Columbia office markets.”
Originally built for Allstate in 2000, the building has superb tenancy with Allstate, CGI Technologies and Sharp Corporation having long-term leases. The stacked stone and brick walled, single story building features fieldstone exterior columns, a vaulted lobby with travertine flooring, plush landscaping and common green areas. The building has ample parking on its nearly 5 acres of green space. Crown Pointe has rare dual power grid and redundant fiber optics - constructed specifically to support high tech data centres.
“This core investment is one of only ten Class A office buildings that have been built in Columbia since 2000.” said Brian Nelson, Managing Partner. “With limited new supply yet growing demand, we are very excited to be investing in Columbia at this time.”
Crown Pointe is located in the St. Andrews submarket, providing convenient access to Interstates 20 and 26, downtown Columbia, and the region’s most prestigious residential areas, such as Lexington, Lake Murray, and Irmo. The property is positioned at the entrance of Center Point office park, which is Columbia’s premier suburban park. Crown Pointe is surrounded by more than two dozen hotels, restaurants, and retail offerings all located within just three miles of the property.
According to DTZ, who acted as agent on the transaction, Columbia Metro Area’s population has grown by 18.7% since 2000. In addition, the employment rate is 4.5%, lower than the US average. This has resulted in continuing office space absorption which has reduced overall vacancy to 8.6% by year end 2014.
East West Capital is an Asheville, NC based real estate investment firm. The two principals have over 35 years of combined experience in real estate, finance and law.