(Orlando, Fla.) - September 17, 2009
Eola Capital, an Orlando-based real estate investment company, announced that it has acquired the general partnership interests in a portfolio of properties totaling approximately 7.6-million-square-feet of commercial office space valued at $1.1 billion from America's Capital Partners. Through this acquisition, Eola Capital will almost double in size to 16.1-million-square-feet of office space and add another $400 million of invested capital under management. The purchase will expand Eola Capital's principals' investment presence in the Northeast to include Philadelphia, Pa., and Washington, D.C. metro area. As part of the transaction, Rudy Touzet, the co-founder of America's Capital Partners, will acquire an interest in Eola Capital and join the firm as Chief Executive Officer.
"In what are clearly challenging times for our industry, this transaction stands out as an example of just one of the opportunities that exists to create value for our partners, tenants and employees," said Jim Heistand, founder and Chairman of Eola Capital.
"The addition of ACP's 22 buildings to Eola Capital's existing footprint offers unparalleled economies of scale and leasing advantages on a local and regional level," added Rudy Touzet, CEO of Eola Capital. "The firm's financial stability and strong profitability will allow us to retain and hire the best talent available in the market."