News
Wells Bells
January 2, 2013
| Take a giant insurance company, fit it neatly into a couple of Central Perimeter office buildings as the sole tenant, and what do you get? A couple of buildings Wells REIT wanted to buy before the clock struck 2013. | ||
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| While everyone was celebrating New Year?s, we confirmed that Wells REIT purchased 64 and 66 Perimeter Center East, two buildings that are home to State Farm. (It wasn't enough to have State Farm as a "good neighbor"—they needed to be their landlord.) The company is moving into more than 400k SF, and adding 500 jobs, for its back office operations. Rubenstein Partners' David Canaday confirmed the firm sold off the two buildings (totaling more than 550k SF) for an undisclosed sum to Wells on Dec. 28. A spokesperson for Wells says the REIT will file further info on the transaction with the SEC by tomorrow, earliest. | ||
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| What next for Rubenstein? It's sold these two buildings, and lost The Terraces as we reported here, so the only significant Georgia holding left is Sterling Pointe. We asked David (right, with Hines?John Heagy) if Rubenstein has lost its appetite on Atlanta office.No way. ?We're looking for new investments in Atlanta,? David says. ?It was simply determined this was a proper time to exit [64 and 66 PCE].? David says Rubenstein is on the hunt for office buys, with its focus in Midtown, Buckhead, Central Perimeter, and the Northwest submarkets. | ||
