Wells/Signature Split... But They're Totally Still Friends
Signature Office REIT's acting Prez Douglas Williams gave us a little bit of insight on its split from Wells REIT. For example, will it be weird to run into each other at the movies?
Signature is the new self-managed REIT that is an offshoot of Wells Core Office Income REIT (the non-traded REIT once run by Wells that bought 64 and 66 Perimeter Center East from Rubenstein Partners for $118.5M). The buildings are anchored by State Farm. Douglas (right, with Marvin F Poer & Co' s Jack Cohen) tells us “We're looking for a strategy to probably grow.” And that could mean beyond raising money from a broker/dealer network that Wells has historically tapped. Instead, Douglas says Signature will look to raise equity and debt from outside investors, or even JV for opportunities.
The transition to self-management means Wells' founder Leo Wells is no longer president, chairman, and director of Signature. (He's already met his 2014 goal weight, simply by shedding titles.) Douglas is the interim president while the REIT searches for a permanent one. And Frank Bishop was named chairman of the board. Most recently, Signature purchased the 183k SF Jackson National Life Insurance building in Denver.
