We are pleased to present an opportunity to participate in an exceptional value add opportunity, to acquire a prime building in the Infill Triangle of Dallas, Texas. The sponsors have secured the “Note” from the lender at a significant discount which equates to roughly $50 per square foot. This 196,215 square foot (SF) office building, Two Forest Plaza is located at 12201 Merit Drive in Dallas, is 38% occupied with 60% of the tenants being in the healthcare sector.
The building recently lost longterm credit tenant New York Life in December 2023, who had occupied 42,276 SF for the past 38-years and one floor of the corporate headquarters of La Madeleine Restaurants, both citing work from home COVID related reasons, creating the investment distress. Forest Plaza is positioned on 3.45 acres of land and is ideally situated in the Infill Triangle, a dynamic area of Dallas and the Sun Belt, bordered by US 75 (Central Expressway), Interstate 635 (LBJ Freeway and TEXpress lanes) and the Dallas North Toll way. It is also located directly opposite two major medical facilities, Dallas Medical City Campus and Presbyterian Hospital and was initially identified to be a Medical Office Block. Forest Plaza benefits from its strong location and accessibility to major thoroughfares and is 20 minutes from DFW airport via the LBJ and TEXpress managed toll lanes. It is also surrounded by executive housing and prestigious country clubs.
The building was renovated in 2014-2018, has efficient +/- 20,000 SF floor plates and is already well
fitted with several vacant but tenant ready suites including the 2 top floors magnificently refurbished by New York Life and with breath-taking city views. There are several existing medical tenants that arenegotiating 5 and 8 year renewals of their existing leases (see notes 1 and 2 on page 10) and suite 0480 Dr Godat is awaiting TI to build out for their expansion. While there is significant opportunity for medical tenants from the neighbouring hospital systems, the emphasis will be on a mixture of office and healthcare to build value fast. It provides a very attractive Value-Add investment opportunity with
returns projected to range between 24% and 32% depending on market conditions.
We are pleased to introduce Andrew (Avi) Greenbaum and Donny Cohen who are specialists in the turnaround of these distressed buildings and will be the sponsor and manager during this project. The Sponsor has acquired the note/debt from the lender and will be working with OrbVest to redevelop the project and unlock the value.
Find further information on:
www.tripledoublere.com.
The sponsors have secured the “Note” from the lender at a significant discount which equates to roughly $50 per square foot. This 196,215 square foot (SF) office building, Two Forest Plaza is located at 12201 Merit Drive in Dallas, is 38% occupied with 60% of the tenants being in the healthcare sector. The building recently lost long-term credit tenant New York Life in December 2023, who had occupied 42,276 SF for the past 38 years and one floor of the corporate headquarters of La Madeleine Restaurants, both citing work-from-home COVID-related reasons, creating investment distress.
Two Forest Plaza Dallas Limited,
Incorporated in the Republic of Seychelles on 1 October 2019, with Company Number 215470,
Registered address at 105 1st Floor,
Waterside Building,
Eden Island,
Seychelles
The borrower in turn shall advance the proceeds of the loan to the operating accounts of the underlying companies to fulfill the objective of the loan.
Effective Date: ___________
Interest: ____ per annum
Maturity: _______
Interest payment date: ___________________________
Security Loans: Interest under this agreement need to be repaid before any
repayment to Shareholders, and rank Pari Passu.
The contents of the above terms are contained in the loan agreements.
The building recently lost longterm credit tenant New York Life in December 2023, who had occupied 42,276 SF for the past 38-years and one floor of the corporate headquarters of La Madeleine Restaurants, both citing work from home COVID related reasons, creating the investment distress. Forest Plaza is positioned on 3.45 acres of land and is ideally situated in the Infill Triangle, a dynamic area of Dallas and the Sun Belt, bordered by US 75 (Central Expressway), Interstate 635 (LBJ Freeway and TEXpress lanes) and the Dallas North Toll way. It is also located directly opposite two major medical facilities, Dallas Medical City Campus and Presbyterian Hospital and was initially identified to be a Medical Office Block. Forest Plaza benefits from its strong location and accessibility to major thoroughfares and is 20 minutes from DFW airport via the LBJ and TEXpress managed toll lanes. It is also surrounded by executive housing and prestigious country clubs.
The building was renovated in 2014-2018, has efficient +/- 20,000 SF floor plates and is already well
fitted with several vacant but tenant ready suites including the 2 top floors magnificently refurbished by New York Life and with breath-taking city views. There are several existing medical tenants that arenegotiating 5 and 8 year renewals of their existing leases (see notes 1 and 2 on page 10) and suite 0480 Dr Godat is awaiting TI to build out for their expansion. While there is significant opportunity for medical tenants from the neighbouring hospital systems, the emphasis will be on a mixture of office and healthcare to build value fast. It provides a very attractive Value-Add investment opportunity with
returns projected to range between 24% and 32% depending on market conditions.
We are pleased to introduce Andrew (Avi) Greenbaum and Donny Cohen who are specialists in the turnaround of these distressed buildings and will be the sponsor and manager during this project. The Sponsor has acquired the note/debt from the lender and will be working with OrbVest to redevelop the project and unlock the value.
Find further information on:
www.tripledoublere.com.
The sponsors have secured the “Note” from the lender at a significant discount which equates to roughly $50 per square foot. This 196,215 square foot (SF) office building, Two Forest Plaza is located at 12201 Merit Drive in Dallas, is 38% occupied with 60% of the tenants being in the healthcare sector. The building recently lost long-term credit tenant New York Life in December 2023, who had occupied 42,276 SF for the past 38 years and one floor of the corporate headquarters of La Madeleine Restaurants, both citing work-from-home COVID-related reasons, creating investment distress.
Two Forest Plaza Dallas Limited,
Incorporated in the Republic of Seychelles on 1 October 2019, with Company Number 215470,
Registered address at 105 1st Floor,
Waterside Building,
Eden Island,
Seychelles
The borrower in turn shall advance the proceeds of the loan to the operating accounts of the underlying companies to fulfill the objective of the loan.
Effective Date: ___________
Interest: ____ per annum
Maturity: _______
Interest payment date: ___________________________
Security Loans: Interest under this agreement need to be repaid before any
repayment to Shareholders, and rank Pari Passu.
The contents of the above terms are contained in the loan agreements.
