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Apr. 19, 2013

Starwood Picks Up One Wells Fargo Center Trophy Tower

By Eliza Theiss, Associate Editor

Leading private investment firm Starwood Capital Group has announced that one of its affiliates, New Jersey-based Vision Equities, in partnership with Mountain Lakes, has acquired One Wells Fargo Center—one of Charlotte’s trophy office buildings. The off-market purchase was made at a yet to be disclosed price.

Previous owner Childress Klein Properties will stay on to handle property management and leasing under a long-term agreement with the new owners. The office tower had been under Childress Klein’s ownership for 25 years.

“We are pleased to be acquiring one of the premier office buildings in Charlotte’s central business district. 1 Wells Fargo Center is a welcome addition to our portfolio, as it is a high-quality asset with a strong tenant roster that will generate significant cash flow for years to come,” declared Starwood Capital Senior Vice President Mark Keatley.

The high-quality Class AA office building is located in Charlotte’s central business district and features one million square feet of office space. The property is 98 percent-leased to long-term tenants. Seven of the property’s nine largest tenants, occupying 92 percent of the total rentable area, have been in One Wells Fargo Center for over 20 years and have average remaining leasing contracts averaging 7.5 years. An added bonus of the property is that circa 70 percent of its in-place income derives from investment grade tenants.

Amenities at the 42-story office tower include a seven-level underground parking garage of approximately 1,100 parking spaces; a 24-hour on-site security with controlled visitor and tenant access; shops and service providers such as a coffee house, dry cleaner and sundry store; a YMCA; casual and fine dining venues; and part of Wachovia Center—a hub of offices, restaurants, shops, venues and businesses spanning three city blocks.

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Image courtesy of Kozo via Wikimedia Commons