Allianz pays $200M to buy a 49% stake in Four Oaks Place.

HOUSTON-Marking its first co-investment with TIAA-CREF, Allianz Real Estate, based in Munich, paid more than $200 million to acquire a 49% stake in the 1.7 million-square-foot Four Oaks Place. TIAA-CREF, which maintains the majority stake, will manage the 98%-occupied asset and Transwestern will continue leasing and property management activities.

Situated at 1300 Post Oak Blvd., Four Oaks Place consists of four class A office towers in the Galliera submarket. “We are excited to be making an attractive investment in this premier office project and working with TIAA-CREF, a premier long-term real estate owner,” says James Stolpestad, CEO of Allianz Real Estate of America in a press release. “This investment further diversifies our U.S. equity investment portfolio and provides exposure to one of the most dynamic markets driven largely by the energy sector.”

TIAA-CREF was advised on the deal by Eastdil Secured and Locke Lord, while Allianz was represented by Mayer Brown LLP.

The news follows on the heels of Tranwestern’s Dec. 18 announcement that the asset received LEED® Gold certification by the U.S. Green Building Council (USGBC) in the Leadership in Energy and Environmental Design (LEED) for Existing Buildings: Operations & Maintenance Green Building Rating System™.  To earn the certification, Transwestern and the building management team implemented sustainable design and operational features, including:

• Optimization of energy efficiency;

• Performance measurement of building automation systems;

• Sustainable purchasing policy;

• Alternative commuting transportation;

• Erosion control, integrated pest management and landscape management plan; and

• Building recycling programs.