Office properties comprise a small percentage, yet significant place, in the AmCap, Inc. real estate portfolio.

AmCap’s office property experience began in 1984 with the purchase of Como Mall in Cheektowaga, New York. This 435,000+ square foot property had been rendered obsolete with the construction of a new 1.1 million square foot shopping mall nearby. With 40% vacancy and lacking anchor tenants AmCap targeted this property as a prime creative reuse candidate.

The signing of an 80,000 square foot lease with the IRS created momentum for a new opportunity and vision for the property. AppleTree Business Park, as it was renamed, underwent a complete redevelopment converting the property to a class A workstation environment office building. Upon completion of the renovation the AppleTree Business Park project was the recipient of the NAIOP award for Best Redevelopment in Western New York and is considered a showpiece in Cheektowaga, with many national and regional tenants.

The success of the AppleTree project generated a strong relationship with the IRS leading, in part, to AmCap being selected to build a state-of-the-art IRS processing center. The 256,800 square foot facility is located in Holtsville, Long Island, New York. In conjunction with the processing center, AmCap was also selected for the build-to-suit development of an IRS Daycare Center. The GSA is using this model daycare throughout the US as a prototype model.

A recent 45,000 square foot lease to Time Warner Cable is representative of the long-standing AppleTree Business Park success story. Time Warner joins the IRS, GSA, Catholic Health System and Yellow Roadway at the business park. AppleTree Business Park remains under AmCap ownership and operation. Both Holtsville assets were sold to an institutional investor.

Our model office projects demonstrate AmCap’s clarity of vision pragmatically matching value-added investment strategies and asset configurations to best-use functions.