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Commercial property

Starwood Capital buys 1.9m sq ft class A office portfolio for USD260.5m

An affiliate of Starwood Capital Group has acquired a portfolio of nine commercial office buildings located predominately in the Sun Belt region of the US.

The buildings were purchased from Wells Real Estate Investment Trust II for a combined purchase price of USD260.5m.

The total portfolio includes 1.9 million square feet of class A office space in urban and suburban areas. The buildings are located in Orlando, Tampa, Charlotte, Winston-Salem, Pittsburgh and Salt Lake City and have an average year of completion of 1999. The buildings are currently 95 per cent leased, excluding Salt Lake City, and more than 80 per cent of the in-place income is derived from investment grade tenants.

"We are pleased to have worked with Wells Reit II to reach an agreement to acquire a critical mass of high quality properties with strong tenant rosters that generate significant cash flow," says Mark Keatley, senior vice president at Starwood Capital. "Most of these buildings are located in markets with outsized job and population growth projections."

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