Norden Park is a 650,000 square foot flex property (mostly office, part industrial) in Norwalk, Connecticut. Northrop Grumman occupies approximately 40% of the space. Fortis is now redeveloping the entire southern portion of this building and leasing up the final 80,000 square feet. Fortis acquired Norden Park in December of 2005.
The NEC Building is a 526,000 square foot Class A+ office building in Las Colinas, Texas. The property serves as the U.S. headquarters for NEC Corporation, the global Fortune 500 Japanese technology company. NEC leases the entire property on a triple-net basis and subleases a portion of the building to AAA, the automotive association and insurer. Fortis initially provided mezzanine acquisition financing for this property in October of 2005. In June of 2006, half of the mezzanine debt was repaid and Fortis converted the other half into equity.
Harwood Center is a 721,000 square foot office skyscraper located in the Arts District of downtown Dallas, Texas. The property is leased to multiple high-credit tenants including the U.S. Government and Omnicom Marketing Group. Fortis is now significantly upgrading various parts of the building and increasing the occupancy to above-market levels. Fortis acquired Harwood Center in May of 2006.
1001 Frontier Road is a 224,313 square foot office building located in Bridgewater, New Jersey, a suburb of New York City. The building is 100% leased to Phillips Van Heusen, a leader in the garment industry, and Hewlett-Packard. Fortis acquired this property in March of 2007.
“STIP – 12” is a 12-property, 1.8 million square foot portfolio of industrial and flex properties, located in 8 states and acquired by Fortis in May of 2006. Fortis contracted to buy 22 properties, but flipped 10 properties to a like-kind exchange buyer and used the proceeds from that flip as a significant portion of its equity for acquiring the remaining 12 properties. The properties are located in various states (Florida, Texas, Ohio, Maryland, Tennessee, North Carolina, South Carolina and New Hampshire) and leased to various tenants.