Buyer East West Capital on Acquisition Spree in the Southeast
COLUMBIA, SC, July 30, 2015 – DTZ, a global leader in commercial real estate services, today announced the sale of Crown Pointe, a Class A office building in Columbia, SC.
The stabilized core asset is one of only 10 multi-tenant, Class A office buildings built in Columbia since 2000, and is fully leased to Allstate, CGI Technologies and Sharp Corporation. DTZ Managing Director Rob Cochran and Associate Vice President Jared Londry brokered the transaction on behalf of the seller, Charleston, SC-based developer Durlach Associates.
“This asset presented a unique opportunity,” explained Mr. Cochran. “The property is located in St. Andrew’s, Columbia’s most sought-after suburban submarket, and offered investors strong in-place returns from stable credit tenants. Investors’ strong response to this offering demonstrates the continued appeal of well-positioned assets in markets across the Carolinas with significant growth potential.”
The buyer, real estate investment firm East West Capital, has been on an acquisition spree in the Carolinas since the firm’s inception in 2013. After closing on several residential land deals in the Asheville, NC, market, the firm expanded its focus to the Charlotte office sector, purchasing the Boxer Building and the Carolina School Supply building on West Morehead Street in two separate transactions. Crown Pointe is East West Capital’s first acquisition in South Carolina, and the firm continues to look for opportunities throughout the Southeast.
“This is East West’s third major acquisition in the Carolinas in the past 10 months,” commented Mr. Londry. “Coming on top of their purchase of the historic Carolina School Supply Building in 2014 and the Boxer Building in March of this year, this latest transaction reinforces their position as an emerging regional player in the Carolinas, and we expect that they will continue to expand their portfolio in the near future.”
About Durlach Associates
Durlach Associates is a recognized leader in the Charleston commercial real estate market with over 35 years’ experience developing, leasing, and managing corporate office facilities. The company is committed to enhancing corporate productivity by providing exceptional work environments. Durlach has completed over 1.6 million square feet of Class A facilities valued in excess of $300 million. Durlach develops facilities to accommodate major corporations, and the federal and state government as well as local and regional businesses.
About East West Capital
East West Capital is a real estate private equity investment firm with a focus on acquiring, repositioning and managing value-add projects in the US. The company focuses on driving successful residential and commercial projects in urban areas and in the path of development. Sources of capital include the principals as well as funding from Asia and the US. For further information, visit: www.eastwestcapitalgroup.com
About DTZ
DTZ is a global leader in commercial real estate services providing occupiers, tenants and investors around the world with a full spectrum of property solutions. The company’s core capabilities include agency leasing, tenant representation, corporate and global occupier services, property management, facilities management, facility services, capital markets, investment and asset management, valuation, research, consulting, and project and development management. DTZ provides property management for 1.9 billion square feet, or 171 million square meters, and facilities management for 1.3 billion square feet, or 124 million square meters. The company completed $63 billion in transaction volume globally in 2014 on behalf of institutional, corporate, government and private clients. Headquartered in Chicago, DTZ has more than 28,000 employees who operate across more than 260 offices in 50 countries and represent the company’s culture of excellence, client advocacy, integrity and collaboration.
DTZ announced an agreement to merge with Cushman & Wakefield in a May 11 press release. The new company, which will operate under the Cushman & Wakefield brand, will have revenues over $5.5 billion, over 43,000 employees and will manage more than 4 billion square feet globally on behalf of institutional, corporate and private clients. The agreement is subject to customary closing conditions and is expected to close before the end of 2015. For further information, visit: www.dtz.com or follow us on Twitter @DTZ.