Orrick advised the global financial services firm Gulf Islamic Investments (GII) on its approximately $50 million acquisition and related financing of The Concourse Office Park, a prominent office campus in Jacksonville, Florida. It is centrally located in the heart of Jacksonville’s suburban submarket, one of fastest growing U.S. cities in the wake of the COVID-19 pandemic.
GII was advised by our New York-based real estate team, which was led by partner Marshall Brozost, and included Stephanie Stein and Robin Freedman. Tax partners James Larkin and John Narducci advised on the tax components of the transaction.
This acquisition is the second Shariah compliant transaction Orrick’s real estate team has advised on for GII. In April 2020, Orrick represented GII on the acquisition of a Class A office building in White Plains, New York. “We were thrilled to partner with GII again on this investment. Islamic Finance is a rapidly growing sector, and our real estate team has definitely seen an uptick on Shariah compliant investments in the U.S.,” states Marshall.