IBM Domain

Stonelake acquired 481,050-sf office building at an 8.0% cap rate, 100% leased to IBM, on 31-acres of land used for surface parking, and acquired 2-acre Wells Fargo ground lease which provided frontage on Braker Lane and ability to remove residential restriction on 33-acres. Stonelake renewed IBM at fair market value and built a parking garage to free up the surrounding land for development. Stonelake has now executed on 5 phases of multifamily/office development and has 10 future development sites remaining.