COLORADO SPRINGS, CO-Philadelphia-based Patriot Equities has purchased a 15-building portfolio of office buildings from publicly traded REIT, Corporate Office Properties Trust. The portfolio consists of class A office buildings totaling just under 1.2 million square feet.
The properties are over 90% leased to a diverse tenant roster composed mostly of Fortune 500 and Investment Grade companies. The portfolio consists of eight multi-tenant and seven single-buildings strategically surrounding the business centers of the marketplace.
Seventy percent of the portfolio has been constructed since 2006 and carries Gold and Silver LEED status. Most of building personal will stay with the properties so the day to day face of the operations will stay intact and consistent.
Patriot has hired CBRE to assist in the transition and ultimately employ the building personnel.
Cushman & Wakefield represented COPT and the two parties have been working together on the transaction since late summer. Patriot Equities' chief investment officer, Geoffrey Gardner tells GlobeSt.com that he cannot disclose the purchase price due to confidentiality agreements.
Erik Kolar, Patriot's president and CEO, states "COPT did an amazing job building a portfolio of high quality buildings at the most strategic locations in the marketplace and we are excited about building on their momentum."
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