Portman Holdings has secured financing for its $122 million office development located at 615 South College Avenue in Uptown Charlotte. China Orient Summit Capital contributed equity financing, and PCCP, LLC is the lender.
615 South College is a 371,000-square-foot Class-AA office building that will be constructed atop an existing parking garage. The building, which is visible from Interstate 277, will have an outdoor green space and direct access to the Lynx Blue Line, among other amenities and features.
“Since Portman first entered the Charlotte market in 2003 with the opening of The Westin Charlotte, we have been seeking our next opportunity to create a unique property in this area,” said Ambrish Baisiwala, CEO of Portman Holdings. “615 South College is in an ideal location that allows us to create a stand-out office product located among Uptown’s amenities and convenient connectivity.”
John Portman & Associates is providing architectural services, and Travis Garland of Portman Holdings is managing the leasing process, in conjunction with Trinity Partners. Construction will be complete in February 2017.
Mr. Yongli Xu, Chairman of COS-Capital, said, “We are delighted to be participating in a second project with Portman, who have a strong local presence in the market, and we expect this investment with them to be as successful as the first.” CEO of COS-Capital Lijian Chen added, “This office development in the vibrant Charlotte market is ideal in terms of both location and timing, and we could not ask for a more experienced and professional partner to work with than Portman Holdings.”
“PCCP is pleased to provide the financing for the development of this property, which will provide a high quality, well-located office building in a strong submarket that has a steadily growing population and corresponding job growth. We are excited to close on our second transaction with Portman Holdings, a best-in-class developer with a successful 60-year track record and their capital partner, China Orient Summit Capital, a premier asset management firm.” said Kevin Chin, Senior Vice President with PCCP, LLC.
A groundbreaking ceremony is planned for August 14. North Carolina Governor Pat McCrory, Charlotte Mayor Dan Clodfelter, and Vice Chairman of the Mecklenburg County Commission Dumont Clarke will join representatives of Portman Holdings to commemorate the occasion.
About Portman Holdings
Throughout the past 60 years, Portman Holdings has developed over 50 million square feet of premium real estate around the world with a focus on hospitality, office and mixed-use properties. The vertically integrated real estate development, investment and management company commands a successful global network and has a proven track record with the world’s top financial institutions. Teams in the company’s global offices seamlessly connect to develop, finance and manage a diverse portfolio in the world’s core and emerging markets. Portman Holdings continues to achieve success through investor, partner and client relationships that deliver exceptional real estate projects. For additional information, visit www.portmanholdings.com and follow the company on Twitter via @PortmanRE.
About John Portman & Associates
John Portman & Associates (JPA) is an internationally renowned architectural design firm with offices in Atlanta and Shanghai. Established in 1953, Portman has more than 60 years of experience in designing mixed-use urban developments, hotels, office buildings, multiunit residential complexes and exhibition centers. Portman projects can be seen in more than 60 cities worldwide. The firm’s architecture transcends national borders by striving for universal human appeal, enhancing the environment for users and providing a sound investment for owners and operators. For more information on John Portman & Associates, visit www.portmanusa.com and follow the company on Twitter via @JPortmanAssoc.
About COS Capital
China Orient Summit Capital is a JV formed by China Orient Asset Management Company and real estate specialists China Summit Capital. China Orient is one of four main national asset management companies in the PRC, with assets of USD 52 billion as of end of 2014. China Summit Capital’s senior partners have an average of more than 15 years of real estate experience in global financial institutions and Chinese developers. COS-Capital was created to invest and manage real estate globally on behalf of institutional investors, including COAMC. For additional information, visit www.cos-capital.com
About PCCP, LLC
PCCP, LLC is a premier real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has approximately $5.5 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco and Los Angeles, PCCP has a proven track record for providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP originates and services each of its investments, ensuring that clients benefit from added value and outstanding investment returns. Since its inception in 1998, PCCP has successfully raised, invested and managed approximately $10.5 billion of institutional capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with proven operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.