{"id":1004108984,"date":"2014-12-08T06:54:48","date_gmt":"2014-12-08T14:54:48","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004108984"},"modified":"2022-12-09T00:37:38","modified_gmt":"2022-12-09T08:37:38","slug":"clarion-griffin-jv-acquires-533-ksf-san-antonio-office-building","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/clarion-griffin-jv-acquires-533-ksf-san-antonio-office-building\/","title":{"rendered":"Clarion, Griffin JV Acquires 533 KSF San Antonio Office Building"},"content":{"rendered":"<p><i>By Scott Baltic, Contributing Editor<a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/12\/Bank-of-America.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004109106\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/clarion-griffin-jv-acquires-533-ksf-san-antonio-office-building\/bank-of-america\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/12\/Bank-of-America.jpg\" data-orig-size=\"4032,4466\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;11&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;NIKON D3X&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1398245381&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;16&quot;,&quot;iso&quot;:&quot;100&quot;,&quot;shutter_speed&quot;:&quot;0.00625&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Bank of America\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/12\/Bank-of-America.jpg?w=924\" class=\"alignright size-medium wp-image-1004109106\" alt=\"Bank of America\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/12\/Bank-of-America.jpg\" width=\"270\" height=\"300\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/12\/Bank-of-America.jpg 4032w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/12\/Bank-of-America.jpg?resize=271,300 271w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/12\/Bank-of-America.jpg?resize=768,851 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/12\/Bank-of-America.jpg?resize=924,1024 924w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/12\/Bank-of-America.jpg?resize=1387,1536 1387w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/12\/Bank-of-America.jpg?resize=1849,2048 1849w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/12\/Bank-of-America.jpg?resize=150,166 150w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/12\/Bank-of-America.jpg?resize=300,332 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/12\/Bank-of-America.jpg?resize=696,771 696w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/12\/Bank-of-America.jpg?resize=1068,1183 1068w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/12\/Bank-of-America.jpg?resize=1920,2127 1920w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/12\/Bank-of-America.jpg?resize=379,420 379w\" sizes=\"auto, (max-width: 270px) 100vw, 270px\" \/><\/a><\/i><\/p>\n<p>A joint venture between Clarion Partners, of New York, and Griffin Partners, of Houston, has purchased the Bank of America Plaza, a 28-story, 533,465-square-foot office building in downtown San Antonio, Clarion announced late last week.<\/p>\n<p>The purchase price was not disclosed, and as of press time neither JV partner had responded to <i>Commercial Property Executive<\/i>\u2019s request for further information.<\/p>\n<p>The tower, at 300 Convent St., was designed by Skidmore, Owings &amp; Merrill and completed in 1983. It\u2019s currently 91 percent occupied by tenants in the finance, legal and government sectors.<\/p>\n<p>CBRE marketed the building on behalf of the seller, Talcott Realty Investors L.L.C., of Hartford, Conn., which had purchased the tower in September 2001, the <i>San Antonio Business Journal<\/i> reported in June.<\/p>\n<p>The announcement of the purchase noted the ongoing revitalization of downtown San Antonio, including \u201ccommercial renovation, new construction and beautification projects aimed at enhancing the live\/work environment of the area.\u201d<\/p>\n<p>\u201cSan Antonio offers a strong economy and employment growth has been higher than the national average,\u201d said Brian Watkins, a managing director at Clarion Partners, in a release.<\/p>\n<p>\u201cThis strategic investment reinforces our convictions about the staying power of Texas and more importantly San Antonio\u2019s long-term growth outlook,\u201d added Andrew Montgomery, an executive vice president at Griffin Partners.<\/p>\n<p>\u201cBroad-based hiring will strengthen tenant demand for office properties in the San Antonio metro, tightening vacancy to the lowest point in more than five years,\u201d according to a third-quarter report from Marcus &amp; Millichap. The report points to the possibility that Google Fiber could be close to signing a 20-year lease and to USAA, a major local employer, moving 150 personnel to the One River Walk building downtown.<\/p>\n<p>Local office-using employment is expanding 2.5 percent this year, while the San Antonio inventory of office space will grow only 1.3 percent.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A joint venture between Clarion Partners and Griffin Partners has purchased the Bank of America Plaza, a 28-story office building in downtown San Antonio.<\/p>\n","protected":false},"author":882,"featured_media":1004109106,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,21742,21747],"tags":[],"class_list":["post-1004108984","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-latest","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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