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Griffin Capital Essential Asset REIT adds to portfolio in Southeast US

Wed, 20/08/2014 - 12:19

Griffin Capital Essential Asset REIT has acquired two Class A office properties totalling USD50.7 million in Charlotte, North Carolina and Largo (Tampa), Florida.

In Charlotte, Griffin acquired The Vanguard Group Southeast Regional Headquarters property, a two-building, approximately 225,000 square foot asset leased for a remaining 10.5-year term to The Vanguard Group, one of the largest retail mutual fund managers in the world.
In Largo, Griffin acquired the Parallon Business Performance Group Operations Center, a newly-completed 83,200 square foot office building leased for a remaining 10.5-year term to a subsidiary of HCA Holdings, a healthcare provider.
These acquisitions add to the Essential Asset REIT's other Southeastern US properties, including three in Atlanta, two in Nashville, and one each in North Carolina and South Carolina.
Don Pescara, Griffin Capital's managing director of acquisitions, says: "We have owned properties in the Southeast for decades, but have recently increased our focus on the region due to its attractive pricing relative to coastal gateway cities, its pro-growth business climate, and the attractive prospects for future prosperity."
"The Parallon acquisition is our first in Florida, and, given the long-term lease, is consistent with our strategy of generating stable cash flow and long-term value from our properties."

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