Edison Plaza

Posted on Posted in Hot Deals

Edison Plaza Sale Energizes Downtown Beaumont
AlbaneseCormier Holdings Makes Monumental Acquisition
December 19, 2011, Beaumont, TX – One of the area’s most successful investment groups, AlbaneseCormier Holdings, has purchased the iconic Edison Plaza complex. Located in the central business district of downtown Beaumont, Texas, this premier office tower has been the face of Beaumont since its construction by Gulf States Utilities in 1982.
AlbaneseCormier Holdings, the company responsible for the renovation and revitalization of the Westmont Shopping Center in Beaumont’s West End, has now set its sights on downtown Beaumont. The partners, Mike Albanese, Eldon Albanese and Thomas Cormier, are excited about providing prospects the only Class A office tower in Southeast Texas. To receive this designation, a Class A building is generally the most attractive building with outstanding construction, and possesses the highest quality building infrastructure. Class A offices are exemplary; complete with sleek design, state-of-the-art facilities, and excellent accessibility.
The new owners and their team have plans to create a one-of-a-kind property that will offer its tenants a fitness facility and a full service dining facility with a coffee and juice bar. Plans are also in the design stage to reconfigure the building to have the entry on the true “front” of the building facing Crocket Street. A covered entrance, walkway and 50 additional visitor parking spaces will also improve the newly renovated building’s frontage. Tenants will be afforded 24 hour per day security and self-contained power units that will ensure continuous electrical service during inclement weather and outages.
Edison Plaza dominates the landscape of downtown Beaumont with 17 floors, 8 elevators, surface and garage parking, and easy access to IH-10. The view from every angle shows the beauty of Southeast Texas. Even the Rainbow Bridge in Bridge City can be viewed from the building’s upper floors.
The recent acquisition happens to coincide with infrastructure improvements the City of Beaumont is making on Calder Avenue, as well as construction of the new Event Center downtown.
According to the new owners, the property just recently became available for purchase. Edison Plaza is in excellent physical condition and has been maintained to the highest Class A standards. In the past five years, the building has benefitted from numerous capital projects and upgrades, including:
Elevator modernization
New chillers
New roof
Renovation of numerous floors and common areas
New lighting control system
Mike Albanese remarked, “Our plan for Edison Plaza is a premium office environment for our tenants that has not been seen in this area before. Our desire is that it will stand proudly as an example to other ongoing downtown building projects.”
According to Sheri Arnold of Coldwell Banker Commercial Arnold and Associates, the exclusive leasing agents for Edison Plaza, “It is, by far, the largest multi-tenant office space in Southeast Texas.”
A ribbon cutting and dedication will be followed by an evening cocktail event for local dignitaries on Thursday, January 12 at 5 p.m. to unveil the renderings of the upcoming renovations and future plans. Members of the media will be able to tour the facility.
AlbaneseCormier Holdings currently has properties in Texas, Louisiana, Mississippi, Colorado, Arkansas, Nevada, Missouri and Tennessee.
“Every step our company has taken has been built on an earlier solid step,” reflected Mike Albanese. “Fifteen years of this strategy has resulted in the acquisition of over 1.7 million square feet of strategically placed assets. Now, with the endless possibilities that Edison Plaza holds, our journey continues. The pride that we have in being part of our community’s revitalization will be prominent in every aspect of the tower’s renovations. Edison Plaza will be a star in our Beaumont downtown skyline.”