CUMBERLAND OFFICE PARK

Cumberland Office Park (COP) was a 644,000 SF, nine-building office park purchased in July, 2003 for $40.1 million from Prentiss Properties. The property was 70% leased at closing with considerable near term lease rollover and was in need of significant cap-x dollars.

However, it was excellent real estate: well located (Northwest Submarket/Vinings) and purchased at a low basis. These factors made for good downside protection and provided a high likelihood of considerable upside potential. In addition, Prentiss had rezoned the approximately 50 acres for up to 2.5 million SF of future development which provided land/development options. COP was exited via five separate transactions which totaled $68 million in just under three years.