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
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 assets1 primarily for
retirement plans and other institutional clients2.
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.
1 As of Sept. 30, 2012.
2 Principal Global Investors is the asset management arm of
the Principal Financial Group ® (The Principal ®)
and includes the asset management operations of the following
subsidiaries of The Principal: Principal Global Investors, LLC;
Principal Real Estate Investors, LLC; Spectrum Asset Management, Inc.;
Post Advisory Group, LLC; Columbus Circle Investors; Edge Asset
Management, Inc.; Morley Financial Services Inc.; Finisterre Capital,
LLP; Origin Asset Management, LLP; Principal Global Investors (Europe)
Limited; Principal Global Investors (Singapore) Ltd.; Principal Global
Investors (Australia) Ltd.; Principal Global Investors (Japan) Ltd.;
Principal Global Investors (Hong Kong) Ltd.; CIMB-Principal Islamic
Asset Management Sdn. Bhd.; and the majority owned affiliates of
Principal International, Inc. Assets under management includes assets
managed by investment professionals of Principal Global Investors under
dual employee arrangements with other subsidiaries of The Principal.