Brookwood Financial Partners has acquired The Embassy, a 10-story, multi-tenant office property located in the Las Colinas master-planned development of Irving, Texas. Brookwood plans to make more than $2 million in capital improvements to the property, including renovating the lobby, common area hallways, elevator cab interiors, bathrooms, exterior entrances and upgrading landscaping and mechanical systems.
Brookwood Financial Partners, LLC (“Brookwood”), a leading real estate investment and asset management company, announced today that it has acquired The Embassy, a 10-story, multi-tenant office property located in the Office Center submarket of the Las Colinas master-planned development of Irving, TX. Constructed in 1982, the property is in a preferred location for professional service firms, regional sales offices and back-office operations of national and regional corporate tenants. It contains 196,688 square feet and is prominently visible from both State Highway 114 and State Highway 161 (the President George Bush Turnpike).
“Consistent with our value-add strategy, we acquired The Embassy at a deep discount to replacement cost in a dynamic market that has started to see increases in both occupancy and rental rates,” stated Thomas Nicholas Trkla, Brookwood’s Chairman and Chief Executive Officer. “There has also been minimal new construction in this area, which means that new supply will not be added to the existing inventory for some time. Because of our low cost basis, we will be able to execute leases at current market rates while offering substantial tenant improvement packages and full leasing commissions, which we believe will give us a competitive advantage over the higher-basis buildings in the Office Center submarket.”
Brookwood plans to make over $2 million in targeted capital improvements to The Embassy, including renovating the lobby, common area hallways, elevator cab interiors, bathrooms and exterior entrances, and upgrading the landscaping and mechanical systems. The Embassy is Brookwood’s third acquisition in Texas in the last five months.
Jones Lang LaSalle represented the seller in the transaction.
About Brookwood Financial Partners, LLC – Brookwood is a Massachusetts-based private equity firm that acquires real estate and invests in private companies. Since 1993, Brookwood has acquired 124 properties totaling over 11 million square feet of office, retail, flex and research & development space as well as 143 hotel rooms, 138 condominium units, 572 apartment units and 1,360 residential building lots. Brookwood has acquired real estate throughout the United States including in Arizona, California, Colorado, Florida, Georgia, Maine, Maryland, Massachusetts, New Jersey, North Carolina, Rhode Island, Texas and Virginia. In addition, Brookwood has invested in private companies in the wireless communications, restaurant, software and outsourcing industries. Brookwood has invested over $530 million in equity to acquire assets with a realized and unrealized value of over $1.5 billion.