FOR IMMEDIATE RELEASE
November 3, 2000
NORFOLK BASED HARBOR GROUP INTERNATIONAL PURCHASES
TWO MORE KOGER CENTERS IN LARGEST OFFICE SPACE ACQUISITION
IN COMPANY HISTORY
NOVEMBER 3, 2000. NORFOLK, VIRGINIA. Harbor Group International,
LLC of Norfolk, Virginia has purchased the Koger Center
Office Parks in Columbia, South Carolina and Nashville,
Tennessee. The two properties, comprising over one
million rentable square feet, have been renamed Synergy
Business Park (Columbia) and Synergy Business
Park (Nashville). They augment two other Koger Centers
in Norfolk, Virginia and El Paso, Texas that Harbor Group
International purchased earlier this year and is reinvigorating
with services to help tenants become more productive.
In addition to paying over $87,000,000 for the Nashville
and Columbia complexes, Harbor Group International plans
to invest a combined $4,000,000 in upgrades and enhancements,
including the introduction of high speed Internet services
from multiple broadband providers, a key component of the
Synergy program. In total, Harbor Group International has
invested more than $140-million in purchasing the four
former Koger Centers and now owns more than half a billion
dollars in office, commercial and residential properties
worldwide.
“We are tremendously excited about the Nashville
and Columbia projects,” says Jordan E. Slone, Chairman
of Harbor Group International. “This purchase is
the largest we have made in our 15 year history. While
we continue our aggressive acquisition of central business
district office buildings and apartment complexes, the
Synergy program represents a new and potent platform for
our corporate growth. We have introduced the Synergy Business
Park concept for the express purpose of meeting the office
needs of today.”
Harbor Group International intends to apply its Synergy
package of tech-smart improvements to its new Nashville
and Columbia properties, as it is now doing at the parks
in Norfolk and El Paso. These include access to broadband
communications, a private intranet for tenants, redundant
power systems, specialized environmental controls, as well
as flexible lease terms and floor plans.
Harbor Group International bought the Nashville and Columbia
properties from an affiliate of J.P. Morgan Investment
Management Inc. Combined, the two parks consist of 16 buildings
on 70 acres of land. Strategically located in both cities,
the centers currently have 276 tenants which occupy in
excess of 94% of the total space. The tenant roster reads
like a Who's Who of corporate America, including such companies
as BellSouth, New York Life Insurance, Cisco Systems, Travelers
Indemnity, General Electric, Motorola, GMAC, Ford Motor
Credit, and state and federal government agencies.
While Harbor Group International's predominant mode is
acquisition, in the past year the company has also sold
four apartment complexes and two shopping centers. “Throughout
our history,” says Slone, “we have been able
to buy and sell at the opportune time to make substantial
profits from our investments.”
Harbor Group International today controls over $550 million
in investment properties, including office buildings, shopping
centers and multi-family housing complexes in fourteen
states in the U.S. as well as three foreign countries.
Harbor Group International was formed from the 1998 merger
of Harbor Group Capital Corporation and Bo-Da Investments
of Israel.
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