Starwood Venture Buys Wells Fargo East Coast Headquarters
This article is for subscribers only.
Barry Sternlicht’s Starwood Capital Group LLC and partner Vision Equities bought the 1 Wells Fargo Center office tower in Charlotte, North Carolina, as property investors seek higher yields in secondary U.S. markets.
The 42-story building is 98 percent leased and serves as the East Coast headquarters for Wells Fargo & Co., Greenwich, Connecticut-based Starwood said today in a statement. Seven of the nine biggest tenants occupy 92 percent of the rentable office space, with an average remaining lease term of about seven and a half years, according to the statement.