Capri EGM Nabs Build-to-Suit Office for Comcast Center for Excellence
The Class A building in Charleston, S.C., is subject to a long-term net lease and will serve Comcast as a training facility.
By Laura Calugar
Comcast Corp.’s headquarters in Philadelphia, Pa.
Charleston, S.C.—Capri EGM recently announced its acquisition of a build-to-suit office facility in Charleston for a wholly-owned subsidiary of the Comcast Corp., a publicly traded, $176.8 billion global mass media and technology company. As largest broadcasting and cable provider in the world based on revenue, Comcast will use the asset as a training center, but the building will also serve the firm’s business and consumer offerings.
The facility, which will be called the Comcast Center for Excellence, is located roughly 10 minutes from Charleston International Airport and in close proximity to other large corporate users in the area including Boeing and Daimler. The building is a highly functional facility, designed to meet the efficiency and flexibility standards of corporate users. The long-term net lease includes contractual annual increases and provides for future expansion.
“The acquisition of the build-to-suit provides Capri EGM the opportunity to invest in assets that are consistent with our established strategy, providing durable cash flows, escalating annual rents, and attractive risk‑adjusted returns over time and across a variety of market conditions and economic cycles,” said Shelby Pruett, Capri EGM’s co-chairman & CEO, in prepared remarks.
The build-to-suit site was selected by Comcast Corp. for its location, new infrastructure, attractive workforce and strategic location. With its two primary businesses, Comcast Cable and NBC Universal, Comcast Corp. is currently ranked 43rd on the Fortune 500.
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