Principal Real Estate Investors, one of the largest institutional real estate managers in the United States, announces the acquisition of 2000 St. James Place, a 335,000 square foot office building in Houston, Texas.
The Class A office property is 100 percent 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 favored markets across all product types and risk profiles,” said Mark Hanrahan, managing director at Principal Real Estate Investors.
2000 St. James Place is located within minutes of The Galleria Shopping Center – 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 U.S. asset manager. CB Richard Ellis helped broker the transaction. About Principal Real Estate Investors Principal Real Estate Investors manages or subadvises $42.7 billion in commercial real estate assets. The firm’s real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group ®. About Principal Global Investors Principal Global Investors is a diversified asset management organization and a member of the Principal Financial Group ®, with expertise in equities, fixed income and real estate investments, as well as specialized overlay and advisory services. Principal Global Investors manages $276.2 billion in assets 1 primarily for retirement plans and other institutional clients 2. About CORE Real Estate CORE Real Estate is a real estate investment and development company formed in 1997. The firm's principals combine over 83 years of commercial real estate experience. Since its formation, CORE has developed and invested in multiple office and industrial projects in the Houston area totaling approximately 4,000,000 square feet.