Allegiancy moved into Boulders III. Photo courtesy of Consociate Media.
Usually busy overseeing office buildings for its clients, a local real estate firm has made a move to get some new digs of its own.
Allegiancy, a commercial real estate asset management company that has recently been growing, has doubled the size of its headquarters with a move into the Boulders office park.
The company last month moved into 7,000 square feet on the top floor of Boulders III at 1100 Boulders Parkway. It vacated about 3,200 square feet at 10710 Midlothian Turnpike. Its new neighbors include publicly traded industrial firm Tredegar.
The upsize follows a multimillion-dollar acquisition of a Texas firm in a deal that doubled the size of Allegiancy’s management portfolio and expanded its presence into Texas, the West Coast and elsewhere.
CEO Steve Sadler said that has come with an increase in the company’s headcount, including four new hires in the last 45 days. And more are expected as another similar deal is in the works for later this year.
Sadler joked that the company had to improvise to find enough space in its previous office to accommodate two of its new employees.
“We had shoved a table in the server room and they were in there camping out,” he said.
Steve Sadler
The new office will house Allegiancy and its sister firm, the Reva Cos. Allegiancy describes itself as a business manager for leasable commercial real estate, meaning it oversees property management, leasing, construction, financing and other day-to-day operations of a building for the property’s owner. It has management contracts for 65 properties with a total size of about 7 million square feet of mostly Class-A office buildings around the country.
Reva, headed by Sadler and his brother Chris, includes a real estate investment banking arm and a REIT that buys properties and syndicates ownership stakes out to individual investors.
Reva is in the midst of raising money from investors who want to buy in and own a stake of a massive office building the company bought in January in North Carolina for $27.45 million.
It is seeking to raise about $10 million from investors, most of whom will buy in using the 1031 exchange process, which allows investors to buy a property using proceeds from a previously sold piece of real estate without paying capital gains taxes.
The deal marks a new approach for Reva, Sadler said, by attempting to reach investors both through its traditional route of working with broker-dealers and also through a crowdfunding site.
The crowdfunding option, in this case handled by EarlyShares, was made possible by recently changed SEC rules that allow private companies to raise money outside the boundaries of the normal private placement process.
“This is definitely a test case for us,” Sadler said. “We think the crowdfunding method has real legs and we think it’s going to work. But we’ve never done this before.”
It has raised about $2.5 million so far, Sadler said. Investors will get a stake of the Colonnade II, a five-story 127,000-square-foot property that serves as the global headquarters of Salix Pharmaceuticals.
Allegiancy is also working on a stock offering that will look to raise $30 million and capitalize on other recently changed federal rules.
Allegiancy moved into Boulders III. Photo courtesy of Consociate Media.
Usually busy overseeing office buildings for its clients, a local real estate firm has made a move to get some new digs of its own.
Allegiancy, a commercial real estate asset management company that has recently been growing, has doubled the size of its headquarters with a move into the Boulders office park.
The company last month moved into 7,000 square feet on the top floor of Boulders III at 1100 Boulders Parkway. It vacated about 3,200 square feet at 10710 Midlothian Turnpike. Its new neighbors include publicly traded industrial firm Tredegar.
The upsize follows a multimillion-dollar acquisition of a Texas firm in a deal that doubled the size of Allegiancy’s management portfolio and expanded its presence into Texas, the West Coast and elsewhere.
CEO Steve Sadler said that has come with an increase in the company’s headcount, including four new hires in the last 45 days. And more are expected as another similar deal is in the works for later this year.
Sadler joked that the company had to improvise to find enough space in its previous office to accommodate two of its new employees.
“We had shoved a table in the server room and they were in there camping out,” he said.
Steve Sadler
The new office will house Allegiancy and its sister firm, the Reva Cos. Allegiancy describes itself as a business manager for leasable commercial real estate, meaning it oversees property management, leasing, construction, financing and other day-to-day operations of a building for the property’s owner. It has management contracts for 65 properties with a total size of about 7 million square feet of mostly Class-A office buildings around the country.
Reva, headed by Sadler and his brother Chris, includes a real estate investment banking arm and a REIT that buys properties and syndicates ownership stakes out to individual investors.
Reva is in the midst of raising money from investors who want to buy in and own a stake of a massive office building the company bought in January in North Carolina for $27.45 million.
It is seeking to raise about $10 million from investors, most of whom will buy in using the 1031 exchange process, which allows investors to buy a property using proceeds from a previously sold piece of real estate without paying capital gains taxes.
The deal marks a new approach for Reva, Sadler said, by attempting to reach investors both through its traditional route of working with broker-dealers and also through a crowdfunding site.
The crowdfunding option, in this case handled by EarlyShares, was made possible by recently changed SEC rules that allow private companies to raise money outside the boundaries of the normal private placement process.
“This is definitely a test case for us,” Sadler said. “We think the crowdfunding method has real legs and we think it’s going to work. But we’ve never done this before.”
It has raised about $2.5 million so far, Sadler said. Investors will get a stake of the Colonnade II, a five-story 127,000-square-foot property that serves as the global headquarters of Salix Pharmaceuticals.
Allegiancy is also working on a stock offering that will look to raise $30 million and capitalize on other recently changed federal rules.