Miami, FL – July 28th, 2016 – Sienna Capital Partners, (“Sienna”), a boutique real estate investment banking firm headquartered in New York City, announced the successful closing of a joint venture between Parmenter Realty Partners (“Parmenter”) and a European private equity investor. Sienna arranged equity capital to recapitalize the remaining assets in Parmenter Realty Fund III, L.P., a 2006 private equity fund managed by Parmenter. The portfolio transaction comprised three Class A office properties located in Dallas, TX and Richmond, VA totaling 1.3 million square feet.
The Dallas properties, Mandalay Tower and Las Colinas I & II, are located in the highly desirable Las Colinas sub-market, across from mixed use developments such as the Music Factory and Water Street to be delivered in late 2017. Both Dallas properties have been the recipients of numerous awards and energy efficiency designations, and offer convenient access to DFW, Love Field, downtown Dallas and public transportation. “These assets, which will continue to be modernized, play a vital role in the fabric of this community, which is emerging as a true live-work-play destination,” commented Sienna Principal, Melanie Herald.
The third property, SunTrust Center, is located in the heart of Richmond’s downtown with views of the Capitol Building and the James River. An iconic building in the heart of the city, the SunTrust Center is home to tenants such as the Virginia Chamber of Commerce, the Greater Richmond Chamber of Commerce and the law firm, LeClair Ryan. “This is an exciting opportunity for the venture partners to release this landmark Richmond building, which continues to benefit from urbanization trends,” stated Sean O’ Shea, Managing Principal of Sienna.
Sienna is a boutique real estate investment banking and principal investing firm focused on building successful property platforms through partnership with best-in-class real estate operators and developers. The firm has offices in New York and Miami.
Parmenter is a fully integrated real estate investment, management and development firm, headquartered in Miami, Florida, with regional offices in Atlanta and Dallas. Parmenter owns and operates high-quality U.S. office properties and is actively involved in the expansion of its portfolio throughout its targeted markets.