90 North Real Estate Partners made big news this week with its purchase of the Saint-Gobain North American headquarters in suburban Philadelphia. The $123 million purchase was made with investment partner Arzan Wealth.
The move continued a strategy 90 North has favored since it opened its Chicago-based North American headquarters in 2014: Target safe, long-term investments in strong office markets. More often than not, that strategy has led 90 North to focus its attention on the suburbs.
90 North is now in suburban Philadelphia, and its growing U.S. portfolio also includes the following properties:
- A 351,425-SF, Class A office building in Deer Park, Illinois, leased long-term to Continental Automotive Systems, Inc.
- A 175,155-SF, Class A office building in Denver that houses the FBI headquarters for Colorado and Wyoming
- The 67-acre Lenovo Enterprise Campus in the Research Triangle Park, Raleigh, North Carolina. The two-building, 450,000 SF complex is fully leased long-term to Lenovo’s Global Server division
All three properties have strong tenants that will allow 90 North to safely weather any economic downturn. The Saint-Gobain property had the added bonus of a strong international tenant that had recently signed a long term lease and spent millions renovating their complex– very good signs for any investor.
As Daniel Cooper, partner and head of North America for 90 North, told GlobeSt.com this week, “The point we’re trying to make is that the suburbs are not dead.”