HOUSTON – (Realty News Report) – Paxion Capital has acquired a significant stake in the Patrinely Group LLC, a Houston-based real estate development, management and investment firm, setting the stage for Patrinely to expand.
Patrinely Group’s executive leadership team will remain in place. Patrinely Group will continue to operate under its current name and maintain its headquarters in Uptown Houston.
Dean Patrinely: ‘Quantum Leap Forward’
“This strategic partnership is a once in a lifetime opportunity for Patrinely Group to take a quantum leap forward – very exciting, indeed,” said Dean Patrinely, who founded the company in Houston in 1983.
Patrinely is currently developing downtown office towers in Denver and Salt Lake City, in addition to construction in Springwoods Village in north Houston, and projects in Austin, San Antonio, Los Angeles, Miami, Raleigh and the New York/New England region.
Paxion is a multi-generational private partnership based in Menlo Park, Calif. Under the terms of the transaction, Paxion will acquire “a significant stake” in Patrinely Group. The terms were not disclosed.
Paxion’s co-founders, Jim Davidson and Fritz H. Wolff, as well as Len O’Donnell, President and Chief Executive Officer of USAA Real Estate, are also investing in the transaction.
“Patrinely Group will be strengthened by the addition of these world class investment partners with deep experience in all aspects of real estate investment, development and management. As a result, the firm is poised to launch its next stage of dynamic growth through its new alignment with Paxion and its affiliates, including a shared focus on the intersection of real estate and technology,” Patrinely said in a press release.
The Intersection of Real Estate and Technology
“Patrinely Group is a perfect partner in our goal to leverage technology to create ‘the next big thing’ across complementary real estate platforms,” said Paxion’s Davidson, a co-founder of Silver Lake, a leader in technology investing. Davidson recently has focused on the intersection of real estate and technology.
Early in his career, Dean Patrinely, who earned an MBA from Harvard Business School, worked for Hines for three years before founding Patrinely Group.
Under the new arrangement, Dean Patrinely, 69, will serve as Chairman of the firm’s Board of Directors, which will include Robert P. Fields, President and Chief Executive Officer. Fields and Patrinely Group Chief Operating Officer Donald G. Thomas II will continue to manage the firm’s day-to-day operations and investments.
The Patrinely company is focused on large scale, Class A mixed-use, office, multifamily, and most recently, data center and industrial properties in major markets.
Patrinely’s recent activity includes:
HOUSTON – A joint venture of Patrinely Group, USAA Real Estate and CDC Houston, have topped out construction on Hewlett Packard Enterprise’s new campus in CityPlace, the urban and commercial center of Springwoods Village, a 2,000-acre development in North Houston. Other buildings in Springwoods Village include Southwestern Energy, and the American Bureau of Shipping. It is less than a mile from the 3 million SF Exxon Mobil campus, which in near Interstate 45.
DENVER – Construction is nearing completion on Block 162, a 30-story office building in downtown Denver. The 606,000-SF tower, located at 675 15th Street between Welton and California Streets, will be certified LEED Gold.
AUSTIN– – Aspen Lake Three, a 128,990-SF build-to-suit development for Q2 in Austin is scheduled for completion in April. It is a four-story, LEED certified office building with large floor plates.
HOUSTON – The Common Desk co-working firm leased 24,000 SF in the 2500 CityWest building in Houston’s Westchase District. Patrinely Group, in a joint venture with USAA Real Estate, acquired the 25-story, 578,284 SF building in 2011.
Nov. 24, 2020 Realty News Report Copyright 2020
Caption: Patrinely Group’s 30-story tower in downtown Denver recently topped out. Drone image courtesy Patrinely Group.
File: Patrinely Group Sells Stake
File: (2) Paxion Capital. USAA Real Estate. Dean Patrinely. Robert Fields. CityPlace. Springwoods Village. 2500 CityWest. Jim Davidson. Fritz H. Wolff. Len O’Donnell, Patrinely Group Sells Stake 11-24-20