HFF closes sale and financing of The Pyramid in San Antonio, Texas
DALLAS, TX – October 12, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale and arranged financing for The Pyramid, a 220,693-square-foot, Class A office building in San Antonio, Texas.
HFF marketed the property on behalf of the seller, Buchanan Street Partners, and procured the buyer, Taurus Investment Holdings, LLC. Additionally, HFF secured floating-rate acquisition financing for the new buyer through the Austin office of Independent Bank.
The Pyramid has outstanding visibility at the corner of NW Loop 410 and San Pedro Avenue in the North Central submarket at 601 NW Loop 410. The property is adjacent to an abundance of retail and restaurant destinations, including North Star Mall, La Plaza Del Norte and Park North Shopping Center. Key thoroughfares, including Loop 410, San Pedro Avenue, U.S. Highway 281 and Interstates 10, 35 and 37, link the property to established neighborhoods and business centers across the city. As one of the most recognized properties in San Antonio, The Pyramid features iconic architecture and boasts a three-story open atrium lobby with a grand staircase and five levels of outdoor patio space. The building is 87 percent occupied with a long-term lease to the General Services Administration (GSA) for nearly half of the rentable space. Additional tenants include Davidson Troilo Ream & Garza, Experian, Kimley-Horn & Associates and Arthur J. Gallagher & Co.
According to HFF, The Pyramid is one of the most recognizable and centrally-located Class A office buildings in San Antonio and competes in a competitive set of buildings that are close to 95 percent leased.
About Buchanan Street Partners
Buchanan Street Partners is a real estate investment management firm based in Newport Beach, California, that invests debt and equity capital on behalf of institutional and private investors. Since its inception, Buchanan Street has invested and structured approximately $17 billion of capital in a broad range of equity and debt real estate investments throughout the United States. A highly skilled team has invested through multiple real estate cycles enabling them to identify opportunities and maximize value while prioritizing principal preservation. For more information: buchananstreet.com.
About Taurus Investment Holdings, LLC
Taurus Investment Holdings, LLC (“Taurus”) is a global investor, developer and operator with a pervasive regional market network that leverages its diversified capital and operational infrastructure to capitalize on exclusive commercial and residential real estate opportunities. Since its formation in 1976, Taurus has developed a fully integrated organizational model that is geared towards value maximization at all phases of the investment lifecycle.
Taurus was founded in Munich, Germany, and is currently headquartered in Boston, Massachusetts. It is a trusted partner for European, U.S. and other select international high net worth individuals and institutional investors. With current local presence in 15 markets on four continents, Taurus offers its clients access to a diversified pool of investment opportunities. Throughout North America and Europe, Taurus is consistently recognized as one of the premier owner operators of both directly managed and joint venture commercial real estate. To date, Taurus has purchased and sold more than 25 million square feet (2.3 million square meters) of residential, office, industrial, retail and other commercial real estate assets throughout the world with a total acquisition value of over $3.5 billion. tiholdings.com
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.