Denver, CO (August 28, 2020)
Ascentris, a Denver-based real estate private equity firm, together with joint venture partner Cypress Office Properties, a San Diego-based operator, announced the execution of a lease with NB Private Capital, a privately held student housing investment company.
The 20,000 square foot lease marks the first new tenant at the property since the partnership acquired it in March 2020. With this lease, the property is now 69% leased.
The Cascades, formerly known as Summit V, is a 252,000 square foot Class A office campus comprised of two buildings on 9.3 acres in the Aliso Viejo submarket of Orange County, California. Considered one of the highest quality office campuses in the submarket, The Cascades remains one of the only options for tenants seeking large blocks of space in South Orange County.
Since acquisition, the partnership engaged Gensler as the architect to design extensive interior and exterior improvements for the property that are expected to be completed in summer 2021.
“We are excited to start our renovation project and offer our current and future tenants a dynamic and collaborative work environment in one of the best locations within South Orange County,” said Ron Lack, Principal of Cypress Office Properties.
NB Private Capital is relocating from another property within the Aliso Viejo submarket.
“We are thrilled that NB Private Capital chose The Cascades as its new corporate headquarters. Their long-term commitment is a testament to the quality of the real estate and the rebranding vision currently in the works,” said Jeffrey Stonger, Managing Director of Ascentris.
The lease transaction was represented on both sides by the CBRE team of Carol Trapani, Allison Kelly and Jake Stickel.
About Ascentris
Ascentris is a real estate private equity firm based in Denver, Colorado. With over $2 billion in assets under management, Ascentris manages a series of discretionary institutional vehicles targeting both transitional and generational value-add investments across major property types and geographic regions within the United States.
Since 2003, Ascentris’ management team has relied on an investment philosophy and organizational structure that allows investors to access opportunities ahead of the market while receiving a high level of service, transparency and accountability. Ascentris is a privately held and management-owned SEC registered investment adviser committed to putting its investors’ needs first.
About Cypress Office Properties
Cypress Office Properties, LLC is a San Diego-based real estate investment and operating company specializing in acquisitions of value-add, redevelopment and core-plus office properties in key markets across the Southwest United States.
The company primarily focuses on Southern California and Phoenix, where it identifies opportunities with strong upside potential. Since its founding in 2009, Cypress has developed a portfolio of fifteen office projects totaling approximately 3.1 million square feet.
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