Arch Street Capital and Orion Announce Single Tenant Office Partnership
On January 31, 2022, Arch Street Capital Advisors and Orion Office REIT Inc. (NYSE: ONL) announced a joint venture focused on acquiring long-term leased, single-tenant office assets. The Partnership has acquired six properties totaling approximately $227 million, including 700 Market Street in St. Louis, a 127,468 square foot office building leased to a creditworthy tenant. The Partnership aims to secure new investment opportunities ranging from $10 million to $60 million, enhancing its portfolio with high-quality assets.
- Partnership has acquired six properties for approximately $227 million.
- Acquisition of a state-of-the-art office property at 700 Market Street, enhancing portfolio strength.
- Focus on acquiring new single-tenant office investments ranging from $10 million to $60 million.
- None.
NEW YORK, Jan. 31, 2022 /PRNewswire/ -- Arch Street Capital Advisors ("Arch") and Orion Office REIT Inc. ("Orion") (NYSE: ONL) are pleased to announce the formation and continuation of a programmatic venture focused on the acquisition of long-term leased, single-tenant office assets (the "Partnership"). Orion's interest in the Partnership was assumed from VEREIT, Inc. as part of Orion's spin-off transaction following the Realty Income Corporation and VEREIT merger. To date, the Partnership has acquired six assets for approximately
The Partnership recently acquired 700 Market Street (the "Property"), a 127,468 square foot, state-of-the art office property located in the central business district of St. Louis, MO. The long-term leased, mission critical office Property serves as the corporate headquarters for an investment grade-credit tenant. The Property is strategically located adjacent to the new
"We look forward to continuing our strategic partnership with Orion and enhancing the portfolio through future acquisitions of high-quality single-tenant office properties," stated Hemal Patel, Vice President at Arch.
"We are pleased to join Arch in the Partnership and 700 Market Street enhances the strength and quality of our portfolio," stated Gary Landriau, Chief Investment Officer and Executive Vice President at Orion. "The previous owners of the Property made substantial investment in 700 Market to transform what was a striking building into a fully functional and modern corporate headquarters that remains on the National Register of Historic Places and that our tenant will occupy for many years. The Property benefits from an active urban environment with a unique and tremendous complement of nearby amenities. The combination of the real estate and the long lease with a credit tenant makes this an attractive asset for the Partnership."
About Arch:
Arch Street Capital Advisors is a full-service real estate investment advisory firm. Arch specializes in assisting institutional investors with their real estate investment strategies including acquisition and joint venture advisory, financing advisory, and asset management and disposition services. Since 2003, Arch has advised its capital partners on more than
For more information, visit www.archstreetcapital.com.
About Orion Office REIT Inc.
Orion Office REIT Inc. is an internally managed real estate investment trust engaged in the ownership, acquisition and management of a diversified portfolio of mission-critical and headquarters office buildings located in high-quality core and suburban markets across the U.S. and leased primarily on a single-tenant net lease basis to creditworthy tenants. The company was founded on July 1, 2021, spun-off from Realty Income Corporation (NYSE: O) on November 12, 2021, following Realty Income's acquisition of VEREIT, Inc., and began trading on the New York Stock Exchange on November 15, 2021. The company is headquartered in Phoenix, Arizona and has an office in New York, New York.
For more information, visit www.onlreit.com.
View original content to download multimedia:https://www.prnewswire.com/news-releases/arch-street-capital-and-orion-announce-single-tenant-office-partnership-301471064.html
SOURCE Arch Street Capital Advisors, LLC.
FAQ
What is the significance of the partnership between Arch and Orion (ONL)?
How much has the Partnership invested in acquisitions?
What is the recent property acquired by Orion (ONL) in St. Louis?