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nvestment group led by James Adam Cotter of Caisson Real Estate has recently purchased a 141,000-square-foot building located at 16414 San Pedro Avenue from a company affiliated with New York-based Gemini Rosemont Development. The exact purchase price has not been disclosed, but according to Bexar Appraisal District, the building is valued at approximately $17 million or $120 per square foot. Cotter's portfolio includes various types of properties such as office buildings, strip centers, and apartment buildings in both San Antonio and Houston.

    The building has a total area of 44,190 square feet, which is about 31 percent available for lease. The new owners plan significant renovations, including a new tenant lounge, electric vehicle charging stations, upgrades to the cafe, conference room, elevators, landscaping, and leasing office. This move is part of a trend where several tenants have been moving away from downtown towards the city's North Side. For instance, Milam Real Estate Capital has signed PwC, which previously occupied 12,000 square feet in the historic Burns Building downtown, to a 14,000 square foot space at 200 Concord Plaza Drive on the North Side. Visionworks is also planning to downsize from its current 150,000 square foot downtown location to a 30,000 square foot space at 19100 Ridgewood Parkway on the North Side.

    Unlike other markets across the country, the office market in San Antonio has remained mostly resilient to hybrid and remote work trends. This is expected to lead the nation in office rent growth over the next four years, with rates projected to increase by 1.5 percent annually due to demand, according to CoStar.