A partnership led by SynerMark Properties has acquired Union Square I & II, a 323,949-square-foot office campus in North Central San Antonio. The transaction includes two multi-tenant office towers that together form the Union Square campus. Preferred equity for the acquisition was provided by Tryperion Holdings, while the seller was a joint venture led by Worth & Associates.
Union Square I, the older of the two assets, was originally completed in 1986. The 10-story tower offers 192,763 square feet of office space and anchors one half of the campus. Union Square II, delivered in 2006, adds another six stories and 131,186 square feet, bringing the total project size to just under 324,000 square feet.
The campus is reported to be 95% leased to a broad mix of tenants. Occupiers include law firms, banks and financial institutions, government agencies, engineering and consulting firms, insurance companies, healthcare providers and real estate services companies. Across this tenant base, the property carries a weighted average lease term of 3.1 years, indicating that the majority of current leases have several years of remaining duration.
Union Square is located at 10101 Reunion Place and 10001 Reunion Place in North Central San Antonio. The campus is positioned off US-281 just north of Loop 410, providing regional highway access for office users in this corridor.
JLL’s Investment Sales and Advisory team represented the seller in the disposition. The team was led by Drew Fuller, Chuck King and Patrick McCord, who handled marketing and negotiations on behalf of the joint venture ownership led by Worth & Associates.
The acquisition adds a largely stabilized, multi-tenant office campus to the SynerMark-led partnership’s portfolio, supported by preferred equity capital from Tryperion Holdings. With high occupancy and a remaining average lease term measured in years, Union Square I & II offers a diversified rent roll spanning professional services, financial, governmental and healthcare-related users in a North Central San Antonio location.
