HFF closes sale and financing of 3.1 million-square-foot office portfolio in southeastern United States

MIAMI, FL - HFF announced today that it has closed the sale of and secured acquisition financing for a Class A office portfolio located in Florida, Georgia, Texas, North Carolina, Kentucky and Virginia.
 
HFF marketed the 22 property, 3.1 million-square-foot portfolio on behalf of the owners, who were advised by Interventure Advisors LP.  An affiliate of Parkway Properties, Inc. purchased the portfolio in its entirety for $475 million and, immediately thereafter, sold 19 of the assets to a joint venture between affiliates of Banyan Street Capital and Oaktree Capital Management, L.P. for $237 million.  Parkway Properties retained ownership of three of the assets located in Tampa, Florida. 

In addition, HFF secured acquisition financing on behalf of Banyan and Oaktree.  A $210.7 million, floating-rate loan was placed with Blackstone Mortgage Trust BXMT to fund the acquisition as well as certain capital expenditures and leasing costs.

The original portfolio offering consisted of 22 properties with 3.1 million square feet of office located in Tampa, Florida (six properties); Orlando, Florida (three properties); Atlanta, Georgia (six properties); Houston, Texas (three properties); Morrisville, North Carolina (two properties); Louisville, Kentucky; and Richmond, Virginia. 

The HFF investment sales team representing the sellers included senior managing director Hermen Rodriguez, senior managing director H. Dan Miller, managing director Ralph Smalley, director Martin Hogan, director Ike Ojala and associate director Jorge Portela. 

Financing was arranged by the HFF debt placement team led by senior managing directors Wally Reid and Paul Stasaitis.

Banyan Street Capital is a private equity firm focused on acquiring and managing office properties directly or in joint ventures with institutional capital partners.  With a concentrated presence in the Eastern United States, the company capitalizes on its team's experience and expertise to remain at the forefront of today's emerging economic growth and investment strategies.  Banyan Street Capital's mission is to implement strategies that add value and deliver high risk-adjusted returns to its investors.  Founded in 2007, the firm currently holds interests in more than nine million square feet of office space.

Oaktree is a leader among global investment managers specializing in alternative investments, with $93.2 billion in assets under management as of September 30, 2014.  The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in real estate, distressed debt, corporate debt (including high-yield debt and senior loans), control investing, convertible securities, and listed equities. Headquartered in Los Angeles, the firm has more than 900 employees and offices in 17 cities worldwide.  For additional information, please visit Oaktree's website at www.oaktreecapital.com.

Blackstone Mortgage Trust, Inc. BXMT is a real estate finance company that originates senior loans collateralized by properties in the United States and Europe.  BXMT is externally managed by BXMT Advisors L.L.C., a subsidiary of Blackstone, and is a real estate investment trust traded on the NYSE under the symbol "BXMT."  Blackstone Mortgage Trust, Inc. is headquartered in New York City.  Further information is available at www.bxmt.com.

HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. 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.  

Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp, a Texas and North Carolina licensed real estate broker.

CONTACTS:
HERMEN RODRIGUEZ
HFF Senior Managing Director
(305) 448-1333
hrodriguez@hfflp.com

WALLY REID
HFF Senior Managing Director
(713) 852-3500
wreid@hfflp.com

PAUL STASAITIS
HFF Senior Managing Director
(305) 448-1333
pstasaitis@hfflp.com

KRISTEN MURPHY
HFF Associate Director, Marketing
(617) 338-0990
krmurphy@hfflp.com