Max Capital Management Corp. and The Landis Group, both of New York, were the sellers of the office tower. The two partners said Wells paid $98.35 million for the property before prorations and credits.
"This transaction proves the strength of the Detroit investment real estate sales market, something we believed when we acquired the property late last year. The economics made sense for us. This is an excellent opportunity for Wells Real Estate to own an extremely stable, non-volatile asset with long-term, credit tenants," said Adam Hochfelder, chairman and CEO of Max Capital.
The building was developed in 1989 and is considered one of the two premier buildings in downtown Detroit. It is home to the strongest professional service firms in Detroit, including two of Michigan's largest and oldest law firms, Miller, Canfield, Paddock and Stone PLC and Butzel, Long. Other tenants include KPMG International, General Motors Corp., Honda, McKinsey & Company, Raymond James, and ad agency Leo Burnett.
Wells already owns three Class-A office buildings totaling nearly 300,000 sf in the Detroit area, leased to Siemens Automotive, Delphi Automotive Systems, and Dana Corp.Wells CIO David Steinwedell said "150 West Jefferson is a true Class-A asset that we expect to perform well for our investors."
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.