BNY Mellon Investment Manager Sees Opportunity to Create Value
Plymouth Meeting, PA, February 25, 2013 — URDANG, the real estate manager for BNY Mellon, and its joint venture partner Crocker Partners have announced the acquisitions of the Two Harbour Place office building and an adjacent 1.27-acre site zoned for residential multi-family development in Tampa, Florida. Urdang’s portion of the investment was made through a separate account for institutional investors managed by Urdang Capital Management, Inc. The office building was purchased from Amstar/CNL Two Harbour, LLC, and the adjacent site was acquired from Lindell-Harbour, LLC. The terms of the transactions were not disclosed.
Two Harbour Place is a 90-percent leased class A, 180,000 square-foot office building constructed in 1998 and significantly renovated in 2006. It comprises seven stories of office space and a six-level parking garage. It is located on Tampa’s Harbour Island, an upscale planned development including commercial, lodging and residential uses in the city’s central business district. The adjacent 1.27-acre parcel is zoned for multi-family development.
“Excess parking in the Two Harbour Place garage can be made available to future residents of the adjacent multi-family site,” said David Rabin, managing director, private real estate, at Urdang Capital Management. Providing this parking can unlock value in the multi-family site and facilitate construction of a luxury residential tower on the property. Furthermore, the revenue from leasing these excess parking spaces enhances the value of the office property.”
“We view this as a timely acquisition into a market that is poised to outperform over the medium term,” said Tom Brockwell, partner with Crocker Partners. “The island offers an appealing amenity base that includes premier water views, marina access, boutique restaurants and the Harbour Island Athletic Club. Office tenants and residents on the island enjoy being close to downtown Tampa’s growing entertainment and cultural amenity base without the commensurate headaches such as parking that come with locating in the downtown proper.”
“In addition to an attractive downtown location, the building features a number of unique improvements including abundant parking, redundant power feeds, three back-up generators, and fiber optic connectivity throughout the building,” said Jeff Reder, senior vice president at Urdang Capital Management. “These features attract a diverse tenant base.”
Crocker Partners is a real estate investment firm headquartered in Boca Raton, Florida. Active in the commercial real estate business for over 25 years, the Crocker team has established a reputation as a premier owner, operator and developer of office and mixed-use projects throughout the Eastern United States. Since 1993, Crocker Partners has acquired and managed over $3 billion of real estate. For more information, visit www.crockerpartners.com.
Founded in 1987 with an exclusive focus on institutional investment grade real estate, URDANG offers a variety of strategies and products, managing approximately $6.4 billion in public real estate securities through Urdang Securities Management, Inc. and approximately $2.3 billion (gross) in debt and private equity real estate investments through Urdang Capital Management, Inc. for institutional investors and high net worth individuals throughout global markets and across public and private capital sectors. URDANG’s research-driven process combines top down economic analysis and market/country selection with bottom up underwriting of properties, companies and management teams to seek high, risk-adjusted returns. It is one of the investment boutiques of BNY Mellon Investment Management.
BNY Mellon Investment Management is one of the world's leading investment management organizations and one of the top U.S. wealth managers, with $1.4 trillion in assets under management. It encompasses BNY Mellon’s affiliated investment management firms, wealth management services and global distribution companies. More information can be found at www.bnymellon.com.
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 36 countries and more than 100 markets. As of December 31, 2012, BNY Mellon had $26.7 trillion in assets under custody and administration, and $1.4 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com, or follow us on Twitter @BNYMellon.
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