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CP Group, Formerly Crocker Partners, Completes Acquisition of Five Post Oak Park in Houston

·4 min read

Acquisition of 28-story office tower highlights CP Group's continued expansion of the company's value-add office portfolio

HOUSTON, July 22, 2021 /PRNewswire/ -- CP Group, a premier owner, operator, and developer of office and mixed-use projects throughout the Southeast and Southwest United States, today announced that it had acquired Five Post Oak Park in Houston, Texas. The acquisition was completed via a joint venture with funds managed by Miami-based Rialto Capital Management, LLC ("Rialto Capital"), the third in a recent series of strategic partnerships between Rialto Capital and CP Group.

CP Group is one of the leading vertically integrated commercial real estate and management firms in the Southeast and Southwest United States.
CP Group is one of the leading vertically integrated commercial real estate and management firms in the Southeast and Southwest United States.

"Five Post Oak Park captures the essence of what many companies are looking for in their workspace today: high-quality offices in neighborhoods offering abundant residential and retail options," said Angelo Bianco, Managing Partner at CP Group. "Our repositioning plans will modernize the interior finishes and design and add coveted amenities within the building including a top-tier restaurant, coffee bar, and concierge services to improve our tenants' quality of life."

Attractive Investment Opportunity

The 28-story office tower is situated within the Galleria/Uptown section of Houston, within one of the city's most sought-after 'live work' environments. It is also adjacent to the St. Regis Hotel and a private park, offering quiet walking trails and mature shade trees, and a few blocks from the River Oaks District, a popular shopping, dining, and entertainment destination.

"We have been looking for the right time and opportunity to re-enter the Houston market. Five Post Oak Park checked all of the boxes - right location, strong tenant mix, desirable nearby amenities, quality construction, and a basis that is a substantial discount to replacement cost," said Brett Reese, Senior Vice President at CP Group.

In addition to its private park and immediate hotel access, Five Post Oak Park offers a host of amenities, including a multi-use conferencing facility and a 3,000-square-foot fitness center. CP Group's planned improvement program calls for the modernization of the building's lobby – including the addition of a new coffee shop and restaurant space – along with the development of an outdoor patio connecting to its adjacent green space.

The transaction is CP Group's first in the Houston market since 2014.

David Baker, executive vice president at Transwestern, is leading the property's office leasing team.

CP Group Remains Active in 2021

The transaction marks CP Group's fifth in 2021 and its third joint venture with Rialto Capital this year. In June, CP Group and Rialto Capital announced the acquisitions of CNN Center, the iconic tower in downtown Atlanta, and One Biscayne Tower, a 38-story office property in downtown Miami. In 2018, the joint venture also acquired Boca Raton Innovation Campus, the former IBM research and development facility that has been reinvented as the preeminent hub for technology and life sciences in the region.

CP Group, formerly known as Crocker Partners, is one of the country's premier owner-operators and developers of commercial real estate. The organization now employs nearly 200 employees and has a portfolio spanning more than 14 million square feet.

Active in the commercial real estate business for over 35 years, CP Group, formerly Crocker Partners, has established a reputation as a premier owner, operator, and developer of office and mixed-use projects throughout the Southeast and Southwest United States. Since 1986, CP Group has acquired and managed over 159 properties, totaling over 50 million square feet and representing over $6 billion invested. They are currently Florida's largest and Atlanta's second-largest office landlord and rank 32nd largest in the United States. Headquartered in Boca Raton, Florida, they have regional offices in Atlanta, Miami, Jacksonville, Dallas, and Washington DC. To learn more about the company, visit CPGcre.com.

Rialto Capital is part of a fully integrated real estate investment management, asset management and operating company. Rialto Capital was formed in 2007, and since its founding, has participated in the investment of billions of dollars of equity in real estate assets. The company invests and manages assets throughout the capital structure in real estate properties, loans, and securities. For more information, please visit www.rialtocapital.com.


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