News Release
AMSTAR GROUP COMPLETES SALE OF PHILADELPHIA’S
THREE PARKWAY TO DALLAS-BASED BEHRINGER HARVARD TRUST
Denver-Based Private Equity Firm Successfully Repositions Asset for Disposition Through Focused Capital Improvement and Leasing Programs
PHILADELPHIA, PA (November 9, 2006) – Amstar Group LLC, a real estate private equity firm based in Denver, Colorado, completed the disposition of Three Parkway, a 561,352-square-foot, Class A office building in Philadelphia to Dallas-based Behringer Harvard Trust, announced Gabe L. Finke, CEO of Amstar Group.
Behringer Harvard Trust acquired the 20-story office building for $90 million, following Amstar’s acquisition of the same asset for $51 million in July 2001. Three Parkway was Amstar’s first purchase in the Philadelphia market.
“Amstar was able to capitalize on this investment opportunity by entering the Philadelphia investment market early and purchasing a quality office project at a steep discount to replacement cost” said D. Scott Gibler, Executive Director for the Amstar Group, LLC. “The asset needed to be repositioned from an owner/user facility (it was the former US Headquarters for the liquidating Reliance Insurance Company) to a traditional multi-tenant traditional office property.. We took a 35% leased asset , invested in strategic capital improvements and released the project to its current 90% occupancy level despite softness in the leasing market in 2003 and 2004. Our local team of talented Trammell Crow leasing and property management professionals was a critical component to making Three Parkway into the success it is.”
Eastdil Secured and Trammell Crow negotiated the transaction between Amstar Group and Behringer Harvard Trust.
About Amstar Group, LLC.
Established in 1987, Amstar is a leading real estate private equity firm headquartered in Denver. The company invests nationally in value-add acquisition and development opportunities, often with local partners. In its history Amstar has acquired, developed and sold more than $2.2 billion of real estate. Amstar’s current portfolio includes office, industrial, multifamily, retail and hospitality holdings in major markets across the United States. For more information about Amstar Group visit the company’s website at www.amstargroup.com.