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Principal Picks Up Fully Leased Office Tower in Houston

Buys 2000 St. James Place, a 13-Story, 336,980-SF Building Fully Leased to Weatherford International
January 16, 2013
Working on behalf of a consortium of South Korean investors, Principal Real Estate Investors recently closed on the acquisition of 2000 St. James Place, a 336,980-square-foot office building in Houston's Galleria submarket.

Principal purchased the building for an undisclosed price from an investment group led by locally based CORE Real Estate. The 13-story office property, formerly known as the Minute Maid Building, is fully occupied under a long-term lease by Weatherford International.

Founded in 1941 in Weatherford, Texas, Weatherford is one of the world's largest oil and natural gas service companies. It provides products and services for drilling, evaluation, completion and production of oil and natural gas wells, along with pipeline construction and commissioning. The company is now based in Switzerland, and operates in more than 100 countries with more than 60,000 employees.

The acquisition was the first in Houston by the group of South Korean investors, which include the South Korean investors include the Korean Federation of Community Credit Cooperatives (KFCCC), Korea Scientists and Engineers Mutual-Aid Association (SEMA) and Simone Investment, which represents the managing member of the South Korean consortium.

The group's onshore asset manager is Woori Asset Management, with Principal Real Estate Investors acting as the U.S. asset manager. CBRE Group brokered the transaction.

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