NEWS RELEASE
For Immediate Release
STONEWATER ACQUIRES TOWER WEST IN SAN ANTIONIO, TX.
White Plains, NY – December 1, 2006 – Stonewater Partners announced today that it has closed on the purchase of Tower West located at 6100 Bandera Road in San Antonio, Texas. Tower West is a 138,657 square foot Class A mid-rise office building leased to 22 tenants and is 73% leased.
The building is currently 73% leased to major national, international and Fortune 500 companies including Wells Fargo, L3-Titan, Fresenius, Northrop Grumman, Zachry Construction and CACI. Commenting on the transaction, Jeffrey Toporek, a Stonewater principal, stated "the transaction is a prime example of Stonewater’s multi-tenant value-add investment strategy. The acquisition expands our portfolio to the Southwest and brings us to nearly 1.9 million square feet acquired across the country.”
David Stade, also a Stonewater principal, added “the San Antonio market is dynamic and will experience tremendous growth in the near term. The asset is ideally positioned to capitalize on the local economic expansion and should benefit by reaching stabilization in the next 24 months.”
For further information:
Jeffrey Toporek
Tel: (914) 285-3700
David Stade
Tel: (310) 209-0500
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