$1.8T
CRE loans maturing by 2026
Approximately $1.8 trillion in commercial real estate loans are expected to mature between 2024 and 2026. Rising refinancing pressure is creating opportunities to acquire office assets at attractive pricing.
Distressed Office · Accredited Investors · $250K Minimum
While the market is walking away from office, we are walking in.
PILLAR Real Estate Fund acquires distressed office assets at 30 to 80% below replacement cost, anchors them with Regus, and positions accredited investors for yield and appreciation as the market normalizes.
30–80%
Below replacement cost
8%
Annual preferred return
$50–100M
Target fund size
$250K
Minimum investment
The market opportunity
The largest dislocation in commercial real estate in decades.
3,000+
Regus centers globally
Regus operates more than 3,000 flexible workspace centers worldwide. PILLAR incorporates Regus as the anchor tenant within its leasing strategy to activate properties and establish a foundation for broader tenant demand.
70%
Executives plan higher office utilization
Seventy percent of corporate real estate executives expect to expand office footprints or increase office utilization as return-to-office policies and hybrid work models continue to evolve.
83%
Fortune 500 are Regus clients
Regus is used by 83% of Fortune 500 companies, reflecting broad enterprise demand for flexible workspace. PILLAR leverages this model to support leasing momentum and attract additional long-term tenants.
“Smart money does not follow sentiment. It follows value. Office real estate is priced for permanent vacancy. We believe the market is wrong, and we are buying accordingly.”
The strategy
Acquire. Activate. Appreciate.
PILLAR acquires well-located office assets at significant discounts to replacement cost, introduces an established flexible workspace operator as the anchor tenant (i.e. Regus), and repositions each property to accelerate leasing, diversify occupancy, and strengthen long-term operating performance.
- Acquisition
Identify office assets below replacement cost.
PILLAR targets well-located office properties priced 30–80% below replacement cost, where refinancing pressure has created compelling acquisition opportunities.
- Stabilization
Position an anchor tenant from day one.
An established flexible workspace operator serves as the building’s anchor tenant early in the repositioning process. This establishes initial occupancy, activates the property, and creates leasing momentum for additional tenants.
- Value creation
Drive yield and long-term appreciation.
As occupancy grows and the property stabilizes, PILLAR seeks to improve operating performance while positioning the asset for long-term appreciation through disciplined execution rather than waiting for market recovery.
Fund structure
A fund built for patient capital.
Fund Type
Closed-End · 10-Year Term
PILLAR is structured as a closed-end private equity real estate fund with a five-year investment period and a ten-year term with extension provisions, allowing the investment team to acquire, reposition, and exit assets over a long-term investment horizon.
Legal Structure
Delaware LP · OpCo + PropCo
The Fund is organized as a Delaware limited partnership using an OpCo + PropCo structure that separates property ownership from operations, supporting efficient asset management and a disciplined ownership framework.
Investor Qualification
Accredited Investors · $250K Minimum
PILLAR is open to accredited investors with a minimum investment of $250,000, including qualified individuals, family offices, and institutional investors, subject to the terms of the offering documents.
Target markets
High-growth markets where office demand is recovering first.
Primary Market
Texas
Austin · Dallas · Houston · San Antonio
Corporate relocation hub. Population growth. Office demand recovering ahead of coastal markets.
Primary Market
Florida
Miami · Tampa · Orlando · Fort Lauderdale
Financial services migration. High-net-worth population growth. Strong RTO adoption.
Secondary Markets
Southeast US
Atlanta · Charlotte · Nashville · Raleigh
Tech and financial services growth. Lower cost base. Early-stage recovery ahead of gateway cities.
The team
Built by people who have formed the capital.
Christian Mack
Chairman · Terra Rossa Family Office · PILLAR Fund Manager
Christian brings over 25 years of experience in capital formation, institutional investing, and private market operations. His career spans capital raise execution, fund management, and building investment infrastructure across multiple market cycles. PILLAR was built on the conviction that the dislocation in office real estate represents a generational opportunity for disciplined, contrarian capital.
Full team bios, advisory board, and track record available in the PILLAR Investment Brief.
25+ Yrs
Experience
$1.2B+
Capital formed
YPO · RTG
Network
Investor questions
What investors ask us first
What is PILLAR Real Estate Fund?
PILLAR Real Estate Fund is a private real estate investment fund focused on acquiring distressed office assets at below-replacement-cost pricing. The fund targets properties in high-demand markets where office demand is recovering, partners with Regus as an anchor tenant to create immediate cash flow, and operates through an OpCo + PropCo structure designed to generate both income and asset appreciation for accredited investors.
What is distressed office real estate investing?
Distressed office real estate refers to commercial office properties trading at significant discounts to their intrinsic value, typically due to high vacancy, debt maturity challenges, or owner financial distress, rather than fundamental problems with the asset or its location. PILLAR targets properties priced at 30 to 80% below replacement cost where demand fundamentals are recovering.
What is an evergreen fund and how is PILLAR structured?
An evergreen fund is a perpetual investment structure with no fixed end date. PILLAR operates as an evergreen fund structured as a Delaware LP, which means the fund can continuously acquire assets, recycle capital from dispositions, and admit new investors on an ongoing basis, without the forced-sale dynamics of traditional 7 to 10 year closed-end funds.
How does the Regus anchor tenant model work?
Regus, operated by IWG plc, is structured as an anchor tenant in PILLAR's acquired office properties. This creates predictable rental income from day one of acquisition, not after a speculative lease-up period. With 3,000+ centers globally and 83% of Fortune 500 companies as clients, Regus provides enterprise-grade demand that is contracted, not speculative.
Who can invest in PILLAR and what is the minimum?
PILLAR is open to accredited investors as defined by the SEC, generally individuals with a net worth exceeding $1 million (excluding primary residence) or annual income exceeding $200,000 ($300,000 jointly). The minimum investment is $250,000. Family offices, multi-family offices, and institutional investors are also welcome to inquire.
What is the fund's target size and target yield?
PILLAR is targeting $50M to $100M in total fund size. The fund targets a yield of 15 to 20% annually, generated through a combination of rental income from Regus anchor tenancy and asset appreciation over the hold period. These are targets, not guarantees. Actual returns will depend on market conditions, asset performance, and other factors disclosed in the fund documents.
What are the risks of investing in PILLAR?
Like all private real estate investments, PILLAR carries risks including market and property-level risk, illiquidity, tenant credit risk, interest rate risk, and general economic conditions. The fund's contrarian thesis may not materialize on the expected timeline. Investors should review the full risk disclosures in the offering documents and consult their own financial and legal advisors before investing.
How do I request the Investment Brief?
Complete the brief request form on this page. You will receive the PILLAR Investment Brief within 24 hours. If you meet the accredited investor criteria and your interest aligns with the fund, we will follow up to schedule a private investor briefing call with the team.
For accredited investors · $250K minimum
Request the PILLAR Investment Brief
Learn how PILLAR identifies office assets below replacement cost, repositions them through an integrated leasing strategy, and creates value through disciplined execution.
Request the Investment Brief to review the Fund in greater detail and schedule a private conversation with the investment team.
For accredited investors only. Minimum investment $250,000. No obligation following the briefing call.
For accredited investors only. Minimum investment $250,000. This material is for informational purposes only and does not constitute an offer to sell or a solicitation to buy any security. Any offering will be made only pursuant to the relevant offering documents. Investments in private real estate funds involve significant risk, including the potential loss of the entire investment. Past performance is not indicative of future results. Target yields and fund size are projections only and are not guaranteed. Investors should review all offering documents carefully and consult with their own financial, tax, and legal advisors before investing. PILLAR Real Estate Fund is not a registered investment advisor or broker-dealer.
