Glenfield Capital Launches Fund Targeting Office Properties
The fund’s portfolio includes 1.03 million square feet of space with a valuation of more than $200 million.
Atlanta-based real estate investment firm Glenfield Capital has launched a $150 million equity fund targeting core-plus office buildings in the Southeast and Midwest.
More than half of the Glenfield Stabilized Income Fund is committed, and Glenfield said it is “actively fundraising and seeking additional assets that meet its narrow and disciplined criteria of well-leased office buildings in attractive suburban markets.”
The fund launched in October with three assets: the three-building Timberlake Corporate Center in St. Louis, One Federal Place in Birmingham, and Gramercy Woods in Jacksonville. Glenfield bought One Federal Place for $67 million in June from Gemini Rosemont.
The fund’s portfolio includes 1.03 million square feet of space with a valuation of more than $200 million, and the assets are approximately 96% leased.
“We are bullish on the investment case for high quality office assets in desirable markets,” said James P. Cate, Managing Principal and Founder of Glenfield Capital, in a statement. “We are confident that the noise and uncertainty about the future of in-person work is overstated and temporary. The Glenfield Stabilized Income fund is designed to capitalize on compelling core-plus opportunities that support our investment thesis.”
US equity REITs continued to collect more rent in the third quarter than in previous quarters, with office faring decently well, according to S&P Global Market Intelligence. REITs have been scooping up office properties left and right even as the sector continues to struggle amidst the COVID-19 pandemic. In July, Boston Properties announced it was buying 360 Park Avenue South, a 20-story office tower at the southwest corner of Park Avenue South and 26th Street in Midtown South for $300 million.