GlobeSt.com – 90 North Acquires Interest in FBI Building

90 North Real Estate Partners has acquired an interest in 8000 East 36th Avenue, Denver, a four story, 175,155-square-foot class A office building. The building is fully occupied by the FBI for its Colorado and Wyoming field operations. 90 North advised an international institutional investor on the investment with Alex S. Palmer & Company, the developer, based in Nashville, TN.

The building was developed in 2010 as a build-to-suit to meet the exacting specifications of the Government Services Administration (GSA) on behalf of the FBI and to meet qualifications for LEED certification, which it received in 2010. “This is a great acquisition for 90 North and representative of the type of properties we’re evaluating to expand our North American operations,” said Daniel Cooper, a partner and the Head of 90 North’s North American operations. “This is a high-quality, LEED Certified building backed by the strength and security of a long term lease by the federal government.”

This acquisition officially launches what 90 North founder and managing partner Philip Churchill said is a strategic plan to invest $750 million in socially-responsible real estate investments in North America over the next 18-24 months. 90 North’s strategy is to target core properties in major cities and prime markets across the U.S. The firm will focus on assets ranging from $40 million to $100 million. The FBI Building includes approximately 144,000 square feet of office space. An annex totals an additional approximately 31,000 square feet. The 9.9-acre site provides additional land for 44,000 square feet future expansion opportunity. The property also includes 365 parking spaces. The building is located in the Stapleton district of the Denver market. The property is approximately one-quarter mile from a full interchange at I-70 and I-270.

This location suits the government’s security requirements as well as its need for excellent highway access both to the central business district and Denver International Airport. Further enhancing this location is the planned construction two blocks away of a station on the proposed East Rail Line, which is expected to be completed in 2016. This is all part of the transformation of this area of northeast Denver from a primarily industrial marketplace to a vibrant, mixeduse area. 90 North will provide asset management services for the property.

Day-to-day management of the property will be handled by Newmark Grubb Knight Frank. 90 North was established by founding partners Churchill and Nick Judd and has specialized in socially- responsible investment, including Shariah compliant investment, for institutional and private investors. Since its inception, 90 North has closed on more than $750 million of real estate transactions. Notable investments in the UK include: · A 1 million-square-foot core logistics distribution center in Germany to a Volkswagen affiliate; · A 797-bed student housing portfolio in Canterbury, purchased for $70.9 million; · A $66.5 million sale-leaseback containing 10 senior living care homes in East Midlands; · A 136,000-square-foot office and industrial complex in Teal Park, Lincoln that houses Siemens gas turbine headquarters.

Increasingly, investors around the world are broadening the scope of their investments to include those that produce superior financial returns while also not negatively impacting on society. This is commonly referred to as socially responsible investing and may include Shariah-compliant investments. 90 North helps clients invest in a socially responsible manner, with the criteria for these investments being guided by client objectives. This may include buildings that are or potentially can be LEED certified and aide the environment; healthcare and related research facilities such as hospitals, senior housing and university facilities; and buildings with tenants that are not associated with gambling, alcohol, or other uses that can contribute negatively to society.