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DALLAS-Locally based Transcend
Equity Development Corp. has opened talks with hedge
funds to expand its green plan for older office buildings.
In the past four years, 2.5 million sf for a Mid-Atlantic
REIT and a handful of one-off projects in Texas have
served as the proving ground.
Transcend Equity founders J. Stephen Gossett Jr. and
his father, J. Stephen Gossett Sr., caught hedge funds'
eyes for developing an innovative program to make older
buildings more energy efficient at no cost to property
owners. The Owings Mills, MD-based Corporate Office
Properties Trust has had 24 buildings completed in
its 44-building portfolio and has 18 more waiting in
line for the six-year-old firm to tackle. Among the
local projects that's been done for another owner is
the 46-year-old Bank of America building at 500 W.
7th St. in Downtown Fort Worth.
To date, Transcend Equity has used private capital
plus a variety of loans and credit facilities to fund
the rollout, pooling several buildings into one financing
vehicle. The junior Gossett says hedge funds are circling
to set up a large revolving facility that would streamline
the capital process and allow Transcend to expand.
