Commercial · TX
Cumberland Exchange
212,000 square feet of value-add office, repositioned on a single intelligence layer and realized at 1.6x net.
Cumberland Exchange was acquired in 2022 from a fractured partnership — 212,000 square feet across two connected buildings, at $194 per square foot against replacement north of $310. The discount was the seller’s structure, not the asset.
The reposition was operational, not cosmetic. Leasing, building systems, and energy moved onto the firm’s single intelligence layer within nine months. Operating costs fell 18% in the first year, and every measure of the tenant experience — response time, uptime, utilization — was tracked from day one.
Occupancy moved from 64% to 97% in twenty-two months. Weighted average lease term extended to 7.4 years, anchored by two credit tenants that cited the operating platform in their site decisions.
The position realized in 2025 at a 1.6x net multiple — within 3% of underwriting. It remains the firm’s reference case for what one operating layer does to a mispriced building.
02 / Execution
Acquisition
212,000 sf across two connected buildings at $194 per square foot.
Reposition
Operations, leasing, and energy consolidated on one platform. Operating costs down 18%.
Lease-up
Occupancy 64% to 97%. Weighted lease term extended to 7.4 years.
Realization
Exited at a 1.6x net multiple — within 3% of underwriting.
03 / Record
