Boxer Property CEO Andrew Segal Shares Investment Strategy
Prices are rising and taxes are going up inside the nation's hottest urban cores. But there are plenty of office opportunities to be found ringing major metros across the country. We're excited to address the topic at BOLD, America's leading office conference in New York on Dec. 1 at 4 Times Square.
Boxer CEO Andrew Segal (a panelist at Bisnow's big event) has been capitalizing on interesting deals just outside of hot cities. The goal: Creating a donut around the best office markets in the country. Boxer’s already got one around Manhattan and it’s been creating one in Chicago (thanks to the lake, it’s more of a croissant there)—it’s bought three buildings outside of the core in the last nine months. The theory was that Chicago’s having some tough times, its urban properties are expensive, and taxes are going up, he says. But if you move even a few miles outside of the core, there are some very vibrant suburbs with high demand.
Once he’s in a suburban market, Andrew’s using the same design strategy he would in urban properties. Conventional wisdom is that high density co-working space only works in CBDs or tech hubs, but he says it’s just like when all the kids wore California surfer clothes at his summer camps in Arizona growing up—everyone wants to be like the cool tech companies. Boxer is now implementing its Boxer Workstyle program (Andrew calls it the intersection between WeWork and Regus) pretty much across the board; it has 500k SF ready and another 500k SF in different stages of development. Andrew’s been surprised at its success in all sorts of locations and building types, from properties in Downtown Atlanta to a '60s era building 30 miles outside of Houston’s core. Pictured is the most recently completed Boxer Workstyle space, in Houston’s 7676 Hillmont.
Join us for America’s leading office conference BOLD—Bisnow’s Office Leasing, Development and Investment Series—Dec. 1 at 4 Times Square in NYC. Register here.