HOUSTON – (Realty News Report) – Paxion Capital has acquired a significant ownership stake in The Patrinely Group LLC, a Houston-based real estate development, management and investment company, positioning Patrinely for expansion and accelerated growth.
The Patrinely Group’s executive leadership team will remain in place. The company will continue to operate under its current name and retain its headquarters in Uptown Houston.
Dean Patrinely: “A Quantum Leap Forward”
“This strategic partnership presents a once-in-a-lifetime opportunity for The Patrinely Group to make a quantum leap forward,” said Dean Patrinely, who founded the firm in Houston in 1983.
Patrinely is actively developing downtown office towers in Denver and Salt Lake City, along with projects in Springwoods Village in north Houston, and developments in Austin, San Antonio, Los Angeles, Miami, Raleigh and the New York/New England region.
Paxion is a multi-generational private partnership based in Menlo Park, California. Under the terms of the transaction, Paxion will acquire a significant stake in The Patrinely Group; specific financial terms were not disclosed.
Also participating in the investment are Paxion co-founders Jim Davidson and Fritz H. Wolff, and Len O’Donnell, President and Chief Executive Officer of USAA Real Estate, who are investing alongside Paxion.
“The Patrinely Group will be strengthened by the addition of these world-class investment partners, who bring deep experience across real estate investment, development and management,” the company said in a press release. “This new alignment with Paxion and its affiliates positions the firm for its next phase of dynamic growth, including a shared focus on the intersection of real estate and technology.”
The Intersection of Real Estate and Technology
“The Patrinely Group is an ideal partner as we work to leverage technology to create the next big opportunities across complementary real estate platforms,” said Jim Davidson, Paxion co-founder and a noted investor in technology through his work with Silver Lake. Davidson has increasingly focused on opportunities where real estate and technology converge.
Dean Patrinely, who earned an MBA from Harvard Business School, began his career with Hines and later founded The Patrinely Group.
Under the new arrangement, Dean Patrinely, 69, will serve as Chairman of the firm’s Board of Directors. The board will include Robert P. Fields, President and Chief Executive Officer. Fields and Patrinely Group Chief Operating Officer Donald G. Thomas II will continue to manage the company’s day-to-day operations and ongoing investments.
The Patrinely Group focuses on large-scale, Class A mixed-use, office, multifamily and, more recently, data center and industrial properties in major metropolitan markets.
Patrinely’s Recent Activity Includes:
HOUSTON – A joint venture of The Patrinely Group, USAA Real Estate and CDC Houston has topped out construction on Hewlett Packard Enterprise’s new campus in CityPlace, the urban and commercial center of Springwoods Village, a 2,000-acre development in North Houston. Other major occupants in Springwoods Village include Southwestern Energy and the American Bureau of Shipping. The campus is less than a mile from ExxonMobil’s 3 million-square-foot campus, near Interstate 45.
DENVER – Construction is nearing completion on Block 162, a 30-story, 606,000-square-foot office tower at 675 15th Street in downtown Denver. The building, located between Welton and California Streets, is expected to achieve LEED Gold certification.
AUSTIN – Aspen Lake Three, a 128,990-square-foot build-to-suit headquarters for Q2, is scheduled for completion in April. The four-story, LEED-certified office building will feature large floor plates suited to modern tenants.
HOUSTON – The Common Desk coworking firm leased 24,000 square feet in the 2500 CityWest building in Houston’s Westchase District. Patrinely Group, in a joint venture with USAA Real Estate, acquired the 25-story, 578,284-square-foot building in 2011.
Nov. 24, 2020 Realty News Report. Copyright 2020.
Caption: The Patrinely Group’s 30-story tower in downtown Denver recently topped out. Drone image courtesy of The Patrinely Group.
File: Patrinely Group Sells Stake
File: Paxion Capital; USAA Real Estate; Dean Patrinely; Robert Fields; CityPlace; Springwoods Village; 2500 CityWest; Jim Davidson; Fritz H. Wolff; Len O’Donnell; Patrinely Group Sells Stake 11-24-20