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Kim_Gatley
Kim Gatley
S
enior Vice President & Director of Research at REOC San Antonio

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Endeavor gains a foothold in the SA market with this building purchase

The Forum Building

The Forum Building

It had been outbid and outmanuevered, but after three years of trying, Endeavor Real Estate finally got a foothold in the San Antonio office market with its acquistion of The Forum building.

The building at 8000 W. I-10 is the Austin-based firm’s first San Antonio office asset. And even after spending a rumored $64.8 million on it, Endeavor’s first goal is to raise the occupancy rate from good to even better.

The Forum, which is 85 percent occupied, has rents set at about $29 per square foot. According to REOC San Antonio’s latest office market report, the citywide average among Class A properties is $26.46 percent.

Marsh said the 381,345-square-foot property’s former owner — Boston-based equity fund Intercontinental Real Estate Corp. — kept up with capital expenditures such as new roofs, heating and air conditioning systems, chillers and cooling towers. In other words, all the things landlords often struggle with putting the dollars into.

“Those dollars aren’t seen, but they’re important to invest,” Marsh said, adding that Endeavor now gets to do “more of the fun stuff.”

By fun, upgrades will include modernized elevators, new landscaping and outdoor furniture to encourage more tenants to spend time on the grounds. More importantly, Endeavor will build a 2,000-square-foot fitness center and a 1,000-square-foot conference room, and will be bringing in food trucks regularly.

Endeavor has brought on local Travis Commercial Real Estate Services’ Mark Krenger, Lisa Mittel and Meredith Sheeder, although it will manage the property from its headquarters further north.

Click to read entire article: Endeavor gains a foothold in the SA market with this building purchase (San Antonio Business Journal, 01-01-2016)

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