US private equity real estate firm Prime Group Holdings has added a 25,000sqft office building in Downtown Saratoga Springs in New York to its portfolio.

Prime Group has invested an undisclosed amount to buy the two-storey 395 Broadway building from an unnamed vendor.

Located on the corner of Broadway and Division Street, the property is the former headquarters of Fingerpaint Marketing, and was developed originally as a Borders bookstore.

Prime Group said it intends to renovate the building to enhance its exterior aesthetic and update the internal layout of the space to maximise functionality.

Robert Moser, Prime Group’s founder, principal and CEO, said: “Prime Group is proud to be a longstanding member of the Saratoga Springs community, and we look forward to expanding our operations in Downtown Saratoga as our business continues to grow following the close of our third flagship self-storage fund.

“We are excited to develop state-of-the-art and energy-efficient offices to best support our talented and experienced real estate investment team as we pursue value-add opportunities in private equity real estate, with a focus on fragmented asset classes.”

To read the latest edition of the latest IPE Real Assets magazine click here.

Topics