The Cascades Executes Long-Term 20,000 Square Foot Lease Bringing the Property to 69% Leased
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 today the execution of a lease with NB Private Capital, a privately held student housing investment company. The 20,000 sf lease marks the first new tenant to the Property since the Partnership acquired it in March 2020. When including this new lease, the Property is now 69% leased.
The Cascades, formally known as Summit V, is a 252K sf Class A office campus comprised of two buildings on 9.3 acres ideally located 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 an extensive interior and exterior improvement plan for the Property that is expected to be complete 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 in 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.
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 the 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 results in its investors getting to opportunities ahead of the market while receiving an unmatched level of service, transparency and accountability. Ascentris is a privately held and management-owned SEC registered investment adviser that maintains an unwavering commitment to put its investors’ needs first.
About Cypress Office Properties
Cypress Office Properties, LLC is a San Diego-based real estate investment and operating company that specializes in acquisitions of value-add, redevelopment, and core plus office properties in key markets within the Southwest United States. The company’s primary geographic focus is in Southern California and Phoenix, where there is tremendous upside potential. Since its founding in 2009, Cypress has become a qualified and proven investor within these markets – well positioned to identify, purchase and operate office properties that meet its strategic investment criteria. Today, the Cypress portfolio consists of fifteen office projects totaling 3.1 million square feet.