KNOCK ON HAR-WOOD
NY-based Fortis Property Group, owners of downtown?s 724k SF Harwood Center office, completed a debt restructuring to invest $6M of new funds in capital improvements and $10M in leasing and TIs. Moving the loan to a special servicer enables Fortis to reduce interest rates and utilize the property's in-place cash flows to establish flex reserves, Fortis CEO Jonathan Landau says. The firm awarded Cushman & Wakefield of Texas the exclusive agency leasing assignment. C&W?s Eric Rutledge, Allison Fannin, and Abbey Rowsey will oversee leasing. Located at 1999 Bryan St, it's 73% leased to long-term credit tenants, including Omnicom and the GSA. Improvements are already under way, including a new cooling tower and roofs and replacement and modernization of HVAC systems. Spec suites, renovation of vacant space, and a lobby cafe are projected to deliver by year's end. (And just in case you didn't know, Harwood Center is not a Harwood International development.)
Fortis is also a part owner of NEC Corporate Center in Las Colinas and previously owned Galleria Office Towers I, II, & III and International Plaza III. It sold each in '08.