Starwood Capital Group, a leading private investment firm, announced that an affiliate of the firm has acquired, in partnership with Vision Equities, 1 Wells Fargo Center, located in the central business district of Charlotte. The property was acquired from, and negotiated on an off-market basis with, Childress Klein Properties (CKP).
As part of the transaction, CKP will be managing and leasing the asset going forward under a long-term agreement with the partnership. Additional terms of the transaction were not disclosed.
This high-quality, 42-story office tower features one million sqm of Class A space and is currently 98 percent leased. Among its tenants include the East Coast headquarters operations of Wells Fargo & Company and a number of professional services and law firms. Seven of the building’s nine largest tenants (92 percent of the rentable building area) have been located at 1 Wells Fargo Center for more than 20 years and the average lease term remaining is approximately 7.5 years. In addition, approximately 70 percent of the building’s in-place income is derived from investment grade tenants.
