HOUSTON – (Realty News Report) – Patrinely Group, a Houston-based development firm, will reinvigorate Columbus Center, a 263,000-square-foot office and retail complex in Coral Gables, Florida.
Patrinely Group has taken over property management operations for Columbus Center, located at 1 Alhambra Plaza.
Patrinely Group will also oversee leasing for the property, while Maggie Kurtz, Kevin Gonzalez and Jake Freeman of CBRE will continue to serve as the listing agents.
In partnership with USAA Real Estate, the building’s majority owner, Patrinely Group will reposition the asset by renovating and modernizing common areas, expanding on-site amenities, introducing enhanced building management services, and ramping up leasing efforts.
Patrinely Group originally developed the property in a joint venture with USAA Real Estate and IBM in 1991 and exited that partnership in 1999. Since then, the firm has completed 50 projects with USAA Real Estate over three decades.
“We have always liked the office fundamentals in Coral Gables and Columbus Center is a timeless property in a great location. We are enthusiastic about this opportunity and look forward to bringing new energy to the property,” said Robert Fields, president and CEO of Patrinely Group.
“We’ve been active here for more than 30 years,” added Dennis Tarro, executive managing director of Patrinely Group. “Our knowledge of the South Florida market and our familiarity with the building, combined with our hands-on approach and delivery of best-in-class service, will be tremendous assets in reinvigorating the property and ensuring its future success.”
Recently, Patrinely Group announced that Paxion Capital, a partnership based in Menlo Park, California, will acquire a significant stake in the firm, positioning Patrinely for expansion. The company’s executive leadership team will remain in place and Patrinely Group will continue to operate under its current name.
When the Paxion transaction was announced in November, Dean Patrinely, who founded the company in Houston in 1983, described the move as a major strategic opportunity: “This strategic partnership is a once-in-a-lifetime opportunity for Patrinely Group to take a quantum leap forward – very exciting, indeed.”
Patrinely is currently developing downtown office towers in Denver and Salt Lake City, in addition to projects in Springwoods Village north of Houston, as well as developments in Austin, San Antonio, Los Angeles, Miami, Raleigh and the New York/New England region.
On the Springwoods Village campus—a 440,000-square-foot office development currently underway—Hewlett Packard Enterprise has committed to relocate its global headquarters to the project.
Dec. 8, 2020 Realty News Report Copyright 2020
File: Patrinely Group to Reinvigorate