Blackbaud
Blackbaud
Location: daniel island, charleston, sc
Status: Completed, sold
Property Type: corporate headquarters
Closed: April 2016
Completed: APRIL 2018
Blackbaud Headquarters is a corporate office project developed by Holder Properties following a competitive selection process to deliver a new headquarters for Blackbaud, Inc. (NASDAQ: BLKB). Holder was selected based on its established market presence in Charleston and reputation for delivering high-quality office environments. Upon selection, Holder acquired the project site, structured a 20-year net lease with Blackbaud, and assisted the tenant with relocation from its former corporate headquarters.
The project leveraged innovative construction methodologies to compress the development schedule and reduce overall costs for the client. Blackbaud’s investment-grade credit profile and the negotiated lease structure enabled Holder to secure attractive permanent financing following delivery. After a successful sale, Holder continues to serve as property manager, maintaining long-term operational oversight of the asset.
172,000
SQUARE FEET
100%
OCCUPANCY AT SALE
$57.3 MM
BUILD COST ($000s)
$ PSF: $333
1.60x
REALIZED MOIC
$66.8 MM
SALE PRICE ($000s)
$ PSF: $389
YIELD ON COST/RENT FACTOR: 7.56%
32.3%
REALIZED IRR
21 MONTHS
HOLD PERIOD (mos)
