Case Study

Southern US Portfolio

Westshore submarket
975K size
238M at purchase
249M upon sale

In 2014, Legacy Parkway acquired 22 Class A & B office assets throughout the Southern United States. We had been tracking some of these assets for years and even made unsolicited offers on several occasions.

Corporate Expertise

The Southern U.S. portfolio was marketed to a small group of potential buyers as an all-or-nothing portfolio. The asset pool was a poor fit for many, resulting in lackluster interest and a below market price. Capitalizing on this inefficiency, we captured the pricing arbitrage between the individual and portfolio asset values.

Investment Acumen

We successfully negotiated a contract to acquire the entire portfolio for $475 million. Prior to closing, Legacy Parkway identified a buyer for the “flip” portfolio and signed a hard contract with a back-to-back closing.

Through disciplined, thoughtful structuring and messaging to the street, we mitigated substantial transaction risks with an unexpected strategy.

The transaction closed in November of 2014, and we acquired Corporate Center I, II, and III at a below-market price. This acquisition increased our portfolio quality, scale, and synergies within Tampa’s highly sought after Westshore submarket.

Find out how we successfully expanded into Atlanta’s best submarket, Buckhead.