SAN ANTONIO, Dec. 22, 2021 /PRNewswire/ -- On November 30, Merit Commercial Real Estate closed
on the acquisition of University Park Tech Center I & II, a
two-building office project containing approximately 200,000 square
feet. Clarion Partners, a New
York-based real estate investor was the seller. The
acquisition represents Merit's
first substantial investment in the San
Antonio office market.
"The San Antonio office market
has remained exceptionally strong by comparison to other major
cities", noted Ryan Harrison, CEO of
Merit Commercial Real Estate. "We saw strong demand for this type
of building in the northwest submarket from the tenant's we
represent, which led us to this acquisition", stated Mike Sawtelle, EVP tenant representation broker
for Merit and long-time
mover-and-shaker in the San
Antonio office market.
Many Fortune 500 companies across the country had plans to bring
their workforce back into the office this fall, only to postpone
those plans. Now, major cities are seeing companies change
strategies and implement a hybrid or fully remote style of working.
In contrast, the majority of San
Antonio companies have seen continued interest in returning
to the workplace.
"While headline news from cities like New York and San
Francisco have painted a picture of vacant office buildings,
the San Antonio office market has
remained stable," said Harrison. "What we're hearing from companies
in San Antonio is that tech—for
all its capabilities—has gotten in the way of in-person
collaboration and team-wide support."
For most companies, discussions to return to the office include
balancing safety and productivity while using office space as a
tool to attract and retain talent. Key among employees'
desired features and benefits are (i) single story office buildings
due their unique access control capabilities (ii) proximity to
employees' homes and (ii) outdoor areas such as break areas and
walking trails.
University Park Tech Center I & II is unique in the
San Antonio market and represents
one of very few single-story, large blocks of space available in
the I-10 corridor. It's positioning in Northwest San Antonio offers reduced commute
times to much of San Antonio's
workforce and the property boasts a wooded walking trail and
outdoor break areas which Merit
has plans to improve.
Merit which specializes in
tenant representation, has uniquely positioned itself, "having the
ability to acquire and develop real estate assets for our clients
differentiates us from every other tenant representation firm in
the market and allows us to capitalize on opportunities for our
client's benefit," stated Will
Collins, Co-CEO of Merit.
"San Antonio is in a great
position to take advantage of a strong Texas business environment and the resulting
unprecedented population growth," said Harrison, "and our
investment in University Park Tech Center I & II represents our
confidence in the strength of our local office market."
Contact: Will Collins, CEO,
210-541-2005, will@merit-cre.com
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SOURCE Merit Commercial Real Estate