Project Bull is a multi market suburban office portfolio investment acquired off-market by Trinity Capital, in partnership with Vanderbilt Partners and Starwood Capital Group in 2015. The $1.1 billion portfolio included 6.9 million SF of office buildings in Raleigh, NC, Nashville, TN, St. Louis, MO, and South Florida as well as developable land. The strategy was devised by targeting publicly traded REITs whose value was being discounted because of their large investments in then out-of-favor suburban office buildings. Investing in suburban office buildings was a contrarian investment thesis supported by the trend of millennials moving from urban areas to the suburbs. This thesis has proven itself, with consistent increases in occupancy and rental rates over the life of this portfolio. Trinity has also been able to capitalize on the portfolio’s raw land by developing multiple build-to-suit and speculative office buildings. Strategically selling select buildings to capitalize on maximum value creation has resulted in the sale of over 70% of the portfolio’s original square footage.