Renovations planned for Class A office park Patewood
April 10, 2017
A New York-based firm, JFR Global Investments, has retained CBRE, Inc. as the exclusive leasing agent for the premier, Class A office park located at 10 Patewood Dr., 30 Patewood Dr., 50 International Dr. and 80 International Dr. The six-building office park spans 448,505 square feet along the I-385 corridor in suburban Greenville, just minutes from downtown.
Under previous ownership over the past three years, Office Park Patewood underwent nearly $5 million in upgrades and renovations, which led to over 250,000 sq. ft. of new leasing activity completed by CBRE.
The new ownership group is planning on significant capital improvements at Office Park Patewood including common area renovations, upgraded lobby and restrooms, the creation of a tenant lounge and additional tenant amenities, which will continue the previous ownership’s efforts of transforming Office Park Patewood into the most recognizable Class A office park in the state.
“The acquisition of Office Park Patewood is the latest in a series of investments from outside investors into the Greenville-Spartanburg office market. Recent rent growth, coupled with the market’s reputation as a value option in the region and a lack of new product make the market attractive to investors,” said CBRE First Vice President Blaine Hart. “Additionally, the opportunities at Office Park Patewood are highlighted by the quality of tenants within the park today and the ability to offer a premier, dynamic workplace to future tenants.”
Office Park Patewood currently has various suites available for lease ranging from 1,000 sq. ft. to more than 35,000 sq. ft. of contiguous space. CBRE has leased the property since 2013 and will work closely with ownership and the property management team on the upcoming capital improvement projects. The office park has been managed for the last four years by Trinity Partners, led by Senior Property Manager, Nicole Oakley.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
