Arch Street Capital Advisors and Orion Office REIT Inc. (NYSE: ONL) announce the formation and continuation of a programmatic venture focused on the acquisition of long-term leased, single-tenant office assets. 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 $227 million. The Partnership is actively seeking new single-tenant office investment opportunities in the range of $10 million to $60 million.
The Partnership recently acquired 700 Market Street, 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 $360 million Ballpark Village, one block from Busch Stadium, and 4 blocks from the landmark Gateway Arch, providing a live-work-play atmosphere for the tenant to enjoy.
“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.”
