The buyers of Thousand Oaks Tower on San Antonio’s North Side are set to give it an upgrade.
An investment group led by James Adam Cotter of Caisson Real Estate has purchased the 141,000-square-foot building at 16414 San Pedro Avenue from a company affiliated with New York-based Gemini Rosemont Development, the San Antonio Express News reported.
The purchase price was not disclosed, but the Bexar Appraisal District has valued the 10-story building at $17 million, or approximately $120 per square foot.
Cotter’s portfolio includes office buildings, strip centers and apartment buildings in San Antonio and Houston.
The property has 44,190 square feet — or 31 percent — available for lease.Significant renovations are planned, including a new tenant lounge and electric vehicle charging stations as well as upgrades to the cafe, conference room, elevators, landscaping and leasing office.
The city’s North Side has attracted several tenants away from downtown recently. Milam Real Estate Capital signed PwC, which occupies 12,000 square feet in the historic Burns Building downtown, to 14,000 square feet at 200 Concord Plaza Drive. And Visionworks plans to downsize from 150,000 square feet downtown to 30,000 square feet at 19100 Ridgewood Parkway on the North Side.
Unlike other markets around the country, the office market in San Antonio has remained mostly resilient to hybrid and remote work trends. The city is expected to lead the nation in office rent growth over the next four years, with rates projected to increase by 1.5 percent annually due to demand, according to CoStar.
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Caisson Real Estate, founded by Cotter in 2017, is targeting corporate tenants who seek modern, centrally located office space for their employees, according to a spokesperson from the company. The firm also intends to create affordable, easy-to-lease spaces designed to appeal to entrepreneurs and small businesses.
— Andrew Terrell
