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A newly formed LLC comprising a subsidiary of Five Point Holdings and two other investors receives the five-year loan from Starwood Property Trust for Five Point Gateway, a four-building office/R&D campus here.
The firm is shifting operations in June of 2018 to 70,000 square feet of space on the seventh floor of Building 19 in Industry City, one floor below the Hospital for Special Surgery Training Center where the firm's Brooklyn Nets NBA franchise practices.
The Atlanta suburb features a wealthy, well-educated demographic, ranking as the 13th highest earning city in the country and one of the 10 richest in Georgia.
There are very few large blocks of medical space in Sugar Land, making it an ideal time for TierOne's spec project to come out of the ground and attract medical office tenants to fill the healthcare void.