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Saving the Deal

Dec 16, 2021, 13:30 PM
Subtitle : Irving, Texas
Member i ds : 63323
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SIOR members close big deals in a big way. Select transaction case studies are featured in the SIOR Report so readers can learn both about and from the expertise of our members.

Case Study Silverstein


Date: August 26, 2021

Transaction Type: Investment Sale, Debt/Equity

Property Type: Office

Size: 512,269 sq.ft.

Sale Price: $93,674,000 USD

The property had been under contract for many months with a local Dallas sponsor whose overseas equity partner – in light of COVID concerns - bailed on the deal. Gabriel Silverstein, SIOR, and his team were brought into the transaction to try to save the sponsor’s deal by finding a new equity partner, putting together the capital stack to buy the property, and jointly negotiate a lower price for the acquisition.

Client Objective
  • Find a new equity partner...quickly.
  • Find debt and otherwise complete the entire needed capital stack to purchase, renovate, and lease-up the property.
  • Renegotiate a much lower purchase price while convincing the seller that a new equity partner would be found.
  • Successfully close.

Transaction Profile
  • Value-add trophy office property in the Urban Center of Las Colinas (Irving/Dallas, Texas) with great bones but which had not been renovated in the roughly 40 years since it was built.
  • The property was roughly 70% leased, with some loyal, long-term tenants, but had a terrible reputation in the market with tenants and tenant reps.
  • The sponsor who had it under contract had no track record of successfully acquiring projects of this dollar size, but had a great internal team to execute a very solid business plan.

  • Gabriel and his team quickly identified a co-GP/LP investor partnership and negotiated the structuring of that partnership.
  • Gabriel and the sponsor were able to negotiate the purchase price down an additional $12 million, despite at one point falling out of contract and with over a year of the sponsor’s previous inability to close on the purchase
  • Within 10 days of closing, the sponsor had already executed the first new lease – at terms better than the pro-forma.


Gabriel Silverstein, SIOR

Categories :
  • Behind the Deal
  • SIOR Report
Behind the Deal
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