San Antonio Investors Acquire Office Building, Plan Extensive Upgrades
September 11, 2024
A team of local investors led by James Adam Cotter of Caisson Real Estate have announced their acquisition of a 10-story office building in San Antonio’s North Side, unveiling plans for ‘extensive renovations’ to attract an array of future tenants.
Thousand Oaks Tower to Undergo Major Revisions
The building, dubbed as Thousand Oaks Tower, located at 16414 San Pedro Ave, spans over a whopping 140,980 square feet. It was previously owned by a company affiliated with the New York-based Gemini Rosemont Development, and was bought by the San Antonio investors last month.
The investors have yet to disclose the official purchase price, however, the property is currently valued at $17 million, as per the Bexar Appraisal District’s observations. At present, approximately 44,190 square feet, or roughly 31% of the building is available for lease, as mentioned in the leasing brochure.
Ambitious Renovations Planned for the North Side Office Building
The purchase includes plans for significant improvements to the building. The upgrades are expected to include a refurbished cafe, updated conference room, modernized elevators, improved landscaping, a redesigned leasing office and the installation of electric vehicle charging stations. The investors also plan to add a tenant lounge, catering to the needs of future occupants.
Representatives at Caisson Real Estate expressed their vision for the leveraged property. They wish to attract corporate tenants seeking a modern office space near their residences. Moreover, they are also planning to develop ‘easy-to-lease affordable’ spaces, particularly catering to the needs of entrepreneurs and small businesses.
A Legacy Continued
The deal led by James Adam Cotter is representative of a family tradition of real estate investment. James’ father, James F. Cotter, was a renowned self-made real estate icon who constructed a property empire across several states. His legacy was continued by James Adam Cotter, post his father’s death in 2017.
Since it’s establishment in 2017, Caisson Real Estate, under the aegis of James Adam Cotter, has come to include a diversity of real estate properties in its portfolio. These include office buildings, strip centers, and apartment buildings across San Antonio and Houston.
Hopeful Prospects for the San Antonio Real Estate Market
The recent acquisition and proposed reinventions of the Thousand Oaks Tower are anticipated to bring positive changes to the North Side’s real estate market. The deliberate focus on modernization and relevance to diverse business needs indicates a potential uptrend in the locality’s corporate appeal. Further details about the development are expected to be released in the coming months.