International Plaza is a 1.1 million square foot office park (3 towers) in Dallas, Texas. Fortis secured a contract to purchase the three towers, two of which were 100% triple-net leased to JP Morgan Chase and the other was 45% occupied by various tenants. In March 2006, Fortis flipped the two JP Morgan Chase towers for a cash profit of approximately $6 million and a deferred profit of $10 million.
Fortis used a portion of its cash profits to acquire the third tower, which Fortis repositioned to Class AA status by upgrading the lobby and building out a market-leading amenity package (e.g., conference facilities, fitness center, valet parking, etc.). Through this repositioning, Fortis was able to increase the occupancy of Tower III to 80%. In March of 2008, Fortis sold the property for an overall transaction IRR in excess of 300%.