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Media Contact:
Narciso Tovar
972.852.2800 ext. 119
narciso@mundaymorning.com

 
  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.

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