TEP Government Holdings Completes $450 Million Recapitalization of a 98-Property Government-Leased Real Estate Portfolio

DALLAS--(BUSINESS WIRE)--Sep 24, 2026--

Tanenbaum Equity Partners ("TEP"), a Dallas-based commercial real estate investment firm specializing in government-leased properties, today announced the successful recapitalization of TEP Government Holdings, LLC, its nationwide government-leased real estate portfolio. The recapitalization consists of senior debt from Centennial Bank, a preferred equity investment from Eagle Point Credit Management LLC (“Eagle Point”) and existing common equity controlled by TEP’s principals, resulting in a total portfolio value of approximately $450 million.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260922142006/en/

The portfolio comprises 98 properties totaling approximately 1.6 million square feet across 24 states, leased primarily to 30 federal government agencies. By consolidating multiple property-level financings into a unified capital structure, the transaction enhances operational efficiency, improves cash flow and positions TEP for continued growth through future acquisitions.

"Over the last decade, we've built one of the nation's largest privately owned portfolios of federally leased real estate,” said Sunny Sajnani, Chief Executive Officer of Tanenbaum Equity Partners. “This recapitalization establishes a long-term capital structure that reflects the quality and stability of our assets while creating a strong foundation for the next phase of our acquisition strategy. We're proud to partner with Centennial Bank and Eagle Point as we continue to expand our platform."

The transaction also marks another milestone in a real estate career spanning more than 35 years for TEP Chairman Richard Tanenbaum. Since 1997, Tanenbaum has overseen the expansion of the affiliated Gardner Tanenbaum commercial portfolio from approximately 800,000 square feet to more than 8 million square feet, while completing nearly 50 projects totaling more than $1 billion across multifamily, industrial, retail and office development. That long-term ownership and development perspective helped shape TEP's disciplined approach to building its government-leased platform.

"I've spent my career focused on building real estate platforms that can perform through changing market cycles, and this transaction reflects that same long-term philosophy," said Richard Tanenbaum, Chairman of Tanenbaum Equity Partners. "What the TEP team has built in the government-leased sector is exceptional. This recapitalization validates the strength of the portfolio and gives us the flexibility to continue growing it thoughtfully for the next generation."

Government-leased real estate continues to attract institutional investors because of its investment-grade tenancy, long lease durations, and historically stable cash flows. TEP's portfolio is 98% occupied with a weighted average remaining lease term of 5.2 years. Completed during a period of continued selectivity in commercial real estate investment, the transaction reflects strong institutional confidence in the long-term fundamentals of government-leased assets.

"Government-leased real estate offers durable cash flows and attractive risk-adjusted characteristics. TEP has assembled a high-quality portfolio that aligns well with our investment strategy, and we're pleased to support the platform's next stage of growth," said Jaime Milgram, Vice President at Eagle Point.

"Federal agencies continue to rely on specialized facilities owned by the private sector, creating durable demand for well-located government-leased assets. Through disciplined acquisitions, proactive asset management, and a strong lease renewal track record, we've built a portfolio designed for long-term performance. This recapitalization positions us to continue executing that strategy for years to come," said Becky Tanenbaum Mallace, Chief Operating Officer of Tanenbaum Equity Partners.

TEP Government Holdings will continue to be managed by TEP, which oversees acquisitions, asset management, and investor relations for the platform. Led by TEP’s executive team and supported by Tanenbaum's decades of development, ownership and investment experience, TEP combines specialized government-leased real estate expertise with a broader institutional real estate perspective. Raymond James served as exclusive financial advisor to TEP on the transaction.

Transaction Highlights

About Tanenbaum Equity Partners

Tanenbaum Equity Partners is a Dallas-based commercial real estate investment firm focused on acquiring, owning, and managing government-leased properties throughout the United States. The firm is led by CEO Sunny Sajnani, COO Becky Tanenbaum Mallace, and Chairman Richard Tanenbaum. TEP is an affiliate of Gardner Tanenbaum Holdings, an Oklahoma City-based real estate investment and development company primarily focused on multifamily and industrial real estate.

About Centennial Bank

Centennial Bank provides commercial banking and financing.

About Eagle Point Credit Management

Eagle Point® is an investment manager focused on private credit strategies in inefficient markets, including Portfolio Debt Securities, Regulatory Capital Relief transactions, Infrastructure Credit, Strategic Credit investments, Specialty Finance and CLO securities. Eagle Point manages $14 billion on behalf of institutional and retail investors and has over 120 professionals.

About Raymond James

Raymond James is a leading diversified financial services company providing investment banking, capital markets, and financial advisory services. Its Real Estate Investment Banking group advises public and private real estate companies on capital raising, recapitalizations, mergers and acquisitions, and other strategic transactions.

Gainesville, FL - Department of Veterans Affairs

St. Louis, MO - Federal Bureau of Investigation

Dania Beach, FL - U.S. Customs and Border Protection (CBP) station

San Bernardino, CA - Social Security Administration

Israel's increasingly isolated Prime Minister Benjamin Netanyahu has arrived in New York to address the United Nations General Assembly, but no meeting with U.S. President Donald Trump is planned.

Hamas says it is ready to move forward with the next stages of a Gaza peace agreement, while a top European Union official says only a small amount of the funds needed to rebuild the Gaza Strip has been collected.

Here is a look at the latest news from the Middle East. More coverage of the U.N. General Assembly is available here.

The Israeli prime minister's brief stay in New York for the U.N. General Assembly includes meetings with several world leaders — but not Trump, U.S. Secretary of State Marco Rubio or any Arab leaders.

Netanyahu's office said he was on a “tight schedule” and needed to return to Israel before the start of the Jewish holiday of Sukkot, which begins at sundown on Friday.

He will meet with the presidents of Argentina, Bolivia, Paraguay, Panama, and Ethiopia, the vice president of Colombia, and the prime ministers of Greece, Slovenia, and Papua New Guinea, according to his office.

A Hamas spokesman said the group is ready to move forward with the next steps of a peace agreement, after Trump’s Board of Peace unveiled a six-month, $2.45-billion plan for Gaza's reconstruction. The board announced the proposal in New York on Wednesday.

The Hamas spokesman, Hazem Qassem, expressed the Palestinian militant group’s “full readiness to implement the Board of Peace’s roadmap” but made no mention of any disarmament plans.

Israel has said it will not allow reconstruction to move forward until Hamas disarms.

Hamas last year agreed to a plan that includes disarmament but has since traded accusations with Israel of ceasefire violations and has accused Israel of violating the agreement by continuing to occupy much of Gaza.

Hamas has publicly backed handing over power to Palestinian administrators operating under the Board of Peace. Board officials have blamed Hamas' failure to disarm and a lack of Israeli withdrawal as reasons for stalling progress in advancing reconstruction in Gaza.

A top EU official says only 1 billion euros ($1.1 billion) has been raised out of the 71 billion euros ($80.8 billion) that the United Nations, the World Bank and the 27-nation European Union estimate are needed to rebuild Gaza.

“All of us, we have to scale up our efforts,” said European Commissioner for the Mediterranean Dubravka Šuica, speaking on the sidelines of the General Assembly. She called for a unified recovery plan that would bring together Israel, the Palestinian Authority, the U.S.-backed Board of Peace, and the National Committee for the Administration of Gaza.

The U.N. pleaded for all parties in Yemen to ensure humanitarian aid is delivered rapidly as fighting between Iran-backed Houthi rebels and Saudi-backed government forces intensifies an already dire humanitarian situation.

U.N. Human Rights Chief Volker Türk said people fleeing violence need protection and access to food, shelter and healthcare. Ground fighting, artillery and aerial strikes have killed and wounded at least 125 civilians since the beginning of August.

Türk also called for the release of 73 U.N. staffers “arbitrarily detained” by the Houthis in the past few years.

Saudi Arabia says it intercepted six missiles fired by the Iran-backed Houthi rebels in neighboring Yemen.

The kingdom’s military spokesman Maj. Gen. Turki al-Malki said Thursday the ballistic missiles were intercepted and destroyed. He said the missiles had targeted the Red Sea port city of Yanbu and the southwestern city of Taif.

The Associated Press couldn’t independently verify al-Maliki’s claim.

A moderate earthquake shook southeast Turkey and parts of Syria on Thursday, sending people rushing out of buildings in panic. There were no immediate reports of any damage.

The magnitude 5.4 quake was centered in Sanliurfa province, near the border with Syria, according to Turkey’s Disaster and Emergency Management Agency.

In 2023, a magnitude 7.8 earthquake killed more than 53,000 people in Turkey and destroyed or damaged hundreds of thousands of buildings in 11 southern and southeastern provinces, including Sanliurfa. Another 6,000 people were killed in Syria.

This report will be updated throughout the day as new developments emerge.

Palestinians walk amid war-damaged buildings in Gaza City, Wednesday, Sept. 23, 2026. (AP Photo/Jehad Alshrafi)

Israeli Prime Minister Benjamin Netanyahu at his Likud party New Year event in Tel Aviv, Israel, Thursday, Sept. 17, 2026. (AP Photo/Ariel Schalit)