Harbert United States Real Estate Fund V Closes on 730 Midtown Office Building
Birmingham, Alabama, Jan. 12, 2014 – Harbert United States Real Estate Fund V, L.P. (“HUSREF V”), in conjunction with The Simpson Organization (“TSO”), recently acquired 730 Midtown, a 213,000 square foot, 11- story, Class B office building in the Midtown submarket of Atlanta, Georgia.
TSO and HUSREF V closed on the office property on January 10th and intend to invest an additional $2.6 million upgrading and leasing vacant space at the property. 730 Midtown is uniquely positioned to attract creative and technology oriented tenants by providing the “loft” space and a “creative community” that young technology and creative workers desire. White‐collar job growth is fueling the recovery within Atlanta resulting in employers seeking additional office space. Industries leading the job recovery include high-tech firms, advertising/public relations, accounting and insurance, all with a presence at 730 Midtown. High tech job growth alone was approximately 5% in Atlanta over the past year, more than twice the U.S. average. The acquisition is the tenth joint venture between Harbert Management Corp’s and TSO, adding to a portfolio of well-located office assets with value-add upside through focused operational management.
About The Simpson Organization
The Simpson Organization (“TSO”) is a closely-held real estate investment banking firm founded by A. Boyd Simpson. The full service real estate investment company has completed in excess of $3 billion of commercial real estate transactions. TSO is an entrepreneurial firm that focuses on the acquisition of unstable real estate assets. The company capitalizes on value-enhancing opportunities by executing management skills and expertise to transform an overlooked and underperforming asset into a solid, stable cash producing asset. Employing approximately 80 professionals, TSO is headquartered in Atlanta, Georgia.
About Harbert Management Corporation
HUSREF V is sponsored by Harbert Management Corporation (“HMC”). HMC, together with its sponsored funds, has owned, developed and managed multi-family, office, industrial, retail and self-storage properties throughout the United States. HMC has a history of identifying real estate investment opportunities through its network of long-term, strategic relationships. HUSREF V’s approach is hands-on, targeting properties that the HUSREF V Investment Team believes are undervalued, and where value can be created through focused operational management. Additional information about HMC can be found at www.harbert.net.
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