Principal Real Estate Investors has acquired 2000 St James Place, a 335,000 square foot office building in Houston, Texas.
The Class A office property is 100 per cent occupied under a long-term lease to Weatherford International.
The selling group was led by CORE Real Estate. The building was acquired by Principal Real Estate Investors for a consortium of South Korean investors: Korean Federation of Community Credit Cooperatives (KFCCC), Korea Scientists and Engineers Mutual-Aid Association (SEMA) and Simone Investment.
“We are pleased to represent a group of South Korean investors in their first investment in the Houston market. It shows the depth of interest in Houston as well as Principal Real Estate Investors’ expertise in Houston and the global markets. Houston continues to be one of our favoured markets across all product types and risk profiles,” says Mark Hanrahan, managing director at Principal Real Estate Investors.
2000 St. James Place is located within minutes of The Galleria Shopping Centre – Houston’s number one shopping and tourist destination with more than 375 stores and restaurants that attract 24 million visitors annually.
The managing member of the South Korean consortium is represented by Simone Investment. The South Korean onshore asset manager is Woori Asset Management, with Principal Real Estate Investors acting as the US asset manager. CB Richard Ellis helped broker the transaction.