In one of the largest office investment deals this year, the Germans paid Raleigh, NC-based Highwoods Properties Inc. $38.5 million or $187.54 per sf for the trophy class A property and a four-level parking garage facing the waterfront.
Highwoods retains 20% ownership of the building which it completed in 2000. IBM and Marsh & McLennan are the anchor tenants on long-term leases. Quoted full-service rents are $24.50 per sf to $26 per sf.
"It's the last remaining office site in the Rocky Point submarket," Graham Mays, a principal at Interstate Investment Properties Inc., Altamonte Springs, FL, tells GlobeSt.com. Interstate represented Landesbank in the transaction.
Mays says Landesbank is creating a closed-end fund that will be marketed throughout Germany as an investment vehicle for private investors.
Interstate represents German clients in the acquisition of core investments such as single-tenant office and industrial properties, and stabilized multi-tenant office and retail projects throughout the United States.
Interstate has closed over $112 million in transactions so far this year. Besides its suburban Orlando office, Interstate has an office in Dusseldorf.
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