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NOI Net Operating Income N/A
Cap Rate N/A
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A

Documents

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Attributes

Year Built 1980
Building Area
Land Area ()
Number of units 220693

Property Description

Jones Lang LaSalle Americas, Inc. (“JLL”), as exclusive advisor, is pleased to present the opportunity to purchase The Pyramid (the “Property”), a 220,820 SF nine-story, landmark office building located in the epicenter of North Central San Antonio. Prominently located at the corner of Loop 410 and San Pedro Avenue, The Pyramid features outstanding visibility and provides centralized access in one of the most desirable submarkets in the City to live, work, and play. Nearly 92% occupied, The Pyramid offers investors the rare opportunity to acquire a strong cash flowing, stabilized office asset with potential upside and long-term value appreciation in one of the most resilient cities in the Nation.

Investment Highlights

Landmark Property with Iconic Architecture and Abundant Parking

  • Readily known as one of the most recognizable office buildings in San Antonio, The Pyramid showcases iconic architecture which serves to distinguish the building in the North Central San Antonio skyline
  • While occupying 45% of the Property, the U.S. Attorney’s Office parking ratio is limited to 1.5:1,000 SF which gives the ability for ownership to lease out those spaces as additional income while providing other tenants abundant garage parking
  • Tenants enjoy the unique amenities The Pyramid has to offer such as superior visibility from Loop 410 with incredible views of Downtown from the Property as well as the five levels of outdoor patio space providing recreational seating areas and potential outdoor event space for tenants and visitors

Diverse Rent Roll with Strong Credit Tenancy

  • The Property features an impressive WALT of 6.4 years and balanced rollover for the next 9 years, no more than 13% of total NRA expires in any one year, and provides secure and growing cash flow throughout the hold period
  • 45% of total NRA is anchored by a strong GSA credit anchor tenant, the U.S. Attorney’s Office, who has recently executed 10-year renewal and has a long-term tenure at the Property in excess of 28 years
  • Currently 92% leased, The Pyramid features a diverse tenant composition of national, regional, and local tenants in various industries such as law, government, banking and financial services, insurance, oil & gas, and architecture among others

Fully Renovated Office Building to Institutional Standards

  • The fully renovated Pyramid features covered and underground parking, Class A finishes, modern aesthetics, full elevator modernization, and newly upgraded amenities including: a recently renovated lobby and common areas, fitness center, state-of-the-art training facility, new exterior LED lighting system, and an outdoor patio on ground level
  • Nearly $1.4M has been spent in the past five years on building improvements which limits the need for near-term capital investment from new ownership
  • As one of the most desirable office buildings in North Central San Antonio, The Pyramid has remained a leader in the submarket and has maintained a strong historical occupancy 

Highly Visible, Irreplaceable, Mixed-Use Infill Location

  • Positioned directly along Loop 410, one of the primary thoroughfares and most traveled highways in San Antonio, offering superior visibility and convenient travel times for both tenants and visitors of the Pyramid
  • With nearly 5 million square feet of retail space within a one-mile radius of the Property, the Pyramid provides an unrivaled amenity base that includes some of the most popular retail destinations in the City such as North Star Mall, San Pedro Crossing, and Park North Shopping Center
  • Centrally located in close proximity to US Highway 281 and Wurzbach Parkway, offering quick connectivity to desirable residential areas including Alamo Heights/Terrell Hills, Olmos Park, Castle Hills, Hill Country Village, Hollywood Park, and Stone Oak

Strong North Central Office Market

  • Average occupancy rates across the North Central office submarket are nearly 87% despite approximately 461,706 square feet of office product being delivered to the submarket over the last two years
  • Since 2011, gross rental rates in this submarket have increased over 25% from $18.96 PSF to $23.77 PSF today which represents a 17% discount to the overall average San Antonio market rate of $27.83 PSF
  • With many tenants looking for more affordable rents outside of the CBD, the North Central submarket has attracted and retained many of them, maintaining a historical positive average absorption over the past five years

Resilient San Antonio Economy

  • As the 3rd fastest growing City in the nation (from 2010-2019), in large part due to the presence of non-cyclical industries, business friendly climate, and low cost of living; San Antonio is considered to be one of the strongest and most resilient cities in the nation 


Last Updated Date: 21 Sep 2021
John Taylor
John Taylor
Managing Director, Capital Markets
License details
TX-466052
Kelsey Shebay
Kelsey Shebay
Managing Director, Capital Markets
License details
TX-566770

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Last Updated Date: 21 Sep 2021

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