Recapitalization: $172,750,000445,000 Sq. Ft. Office Complex
Knightsbridge Realty Capital was engaged to recapitalize a 445,000 office project named Portales I and II. Knightsbridge successfully created a market to bring in a new institutional investor and allow the operating partner/sponsor to stay on as the management company with ownership.
Noteworthy aspects of the transaction include:
- While the sponsor was the seller of the asset, he also wanted to stay on as management and retain ownership in the asset.
- The asset ultimately sold for what is today one of the highest prices per square foot for Class A office in the State of Arizona, $388/sf.