| Yesterday, Cassidy Turley's Jon Carpenter told ushis team (Jay Wellschlager, David Gillece, and Matt Seward) closed Under Armour's $60M acquisition of its 400k SF Tide Point HQ earlier this month. Bisnow first reported on the deal in February, and Jon says Cassidy spent ?many hours? convincing UA of the benefits of buying the building, which include savings and an ?incredible? waterfront location. ?It really was an opportunistic buy for our client,? he says. ?The seller was in a somewhat distressed situation with a heavy debt load, and Under Armour?s looming lease expiration made it difficult for the seller to identify another purchaser or to refinance.? Jon also tells us he thinks the building's unique environment (it's a former soap factory) will help UA recruit the talent it needs to grow. |
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