SVN Commercial Real Estate


Austin, TX — (February 7, 2020) — SVN | Angelic, one of the SVN® brand’s premier commercial real estate brokerage firms, has closed on  the 156,024 square foot Ascension Texas headquarters office building located at 1345 Philomena Street, Austin, TX, across from the Dell Children’s Medical center (an Ascension hospital), in the award-winning mixed-income, mixed-use community of Mueller.  SVN | Angelic partnered with the Centurion Foundation  to conceive and execute the transaction on behalf of Ascension Texas.   Ben Mingle of the Centurion Foundation and Gabriel Silverstein, Managing Director of SVN | Angelic, oversaw the process for the Ascension/Centurion team, which purchased the building from an investment fund of Black Creek Group, who represented itself in the sale. Silverstein and Duncan Swanston of CGA Capital also structured $83,760,000 of financing of the project on behalf of those same parties, in conjunction with the restructuring of the Seton lease of the property.

Ascension Texas
SVN | Angelic closed on the 156,024 square foot Ascension Texas headquarters at 1345 Philomena Street, Austin, TX

“By electing to work with the Centurion Foundation, this transaction structuring allows Ascension Texas to gain long-term control of  its headquarters office building.  This transaction also allowed restructuring of Seton’s existing lease and occupancy costs, resulting in millions annually in savings for Seton going forward,” says Silverstein of SVN | Angelic.  “It was a privilege to work with Ascension’s team, Ben and Duncan, and also an exceptionally capable team of attorneys from Hall Render, Ballard Spahr, and Polsinelli, who collaborated very effectively to execute our very creative transaction structuring, in order to achieve exceptional results for a great healthcare system.”

Ascension Health is the second largest hospital operator in America, and the savings Ascension Texas will realize each year from this transaction will allow them to focus even more resources on their primary mission of providing first class healthcare in Texas. The Austin market is extremely tight for office space and rents continue to climb at a fantastic rate, so this proactive move will continue to reap benefits for Seton and Ascension well into the future.

About SVN | Angelic:

SVN | Angelic is an independently owned and operated SVN® office in Austin Texas that provides national investment real estate capital markets services to developers and corporations, particularly sales and financings of commercial real estate.  Headquartered in Texas, with team members in multiple locations in the US, SVN | Angelic provides market knowledge and execution in collaboration with over 1,600 advisors in over 200 offices across the US, backed by the strength of the SVN® global platform.  To learn more visit www.SVNAngelic.com.  All SVN® offices are independently owned and operated.

About Centurion Foundation:

The Centurion Foundation, Inc., is a 501(c)(3) organization committed to assisting other 501(c)(3) organizations achieve their charitable purpose through the delivery of mission critical facilities.  Centurion creates highly customized real estate solutions which lower the cost of occupancy for the 501(c)(3) client Institutions served.

About CGA Capital

CGA Capital is a Baltimore-based firm focused exclusively upon the structuring and provision of debt and equity for assets net leased to corporate, governmental, and 501(c)(3) users throughout the country. CGA includes a team consistently recognized as one of the leading net lease financing sources in the country, with over $21 billion in net lease debt and equity financings originated, structured, and closed over the past 30 years.

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