Corporate Properties Trust II LP, a partnership between Mirae Asset Global Investments Co. and Transwestern Investment Group (TIG®), has closed on the acquisition of Park Center I, a 591,000-square-foot Atlanta building in a sale-leaseback with State Farm Auto Insurance Co.
ATLANTA, July 27, 2017 (GLOBE NEWSWIRE) — Transwestern Investment Group (TIG®) and Mirae Asset Global Investments Co. today announce Corporate Properties Trust II LP, a partnership between Mirae and Transwestern Corporate Properties I Investor LP, has closed on the acquisition of a 591,000-square-foot Atlanta building in a sale-leaseback with State Farm Auto Insurance Co. This transaction mirrors the acquisition of the 2.2 million-square-foot State Farm campus in Dallas’ CityLine project last fall.
The partnership acquired Park Center I, a 13-story, LEED®-certified office tower situated on a seven-level parking structure with ground-floor retail. The Class A building is uniquely located on 4 acres at Hammond Drive and Perimeter Center Parkway, directly adjacent to the new Dunwoody MARTA station. The below-grade parking structure also provides direct access to the two additional buildings in the complex, which are currently under construction. State Farm employees began moving into the new building in fourth quarter 2016.
Corporate Properties Trust II will own the properties through a REIT. The entity was created to allow long-term, stable ownership of high-grade, fully leased institutional properties, a structure which benefits the tenant and the investors. The investment will be managed by a wholly owned subsidiary of TIG.
Mirae Asset Global Investments, based in Seoul, South Korea, has provided its clients with other real estate investment opportunities in the U.S., including assets in Chicago, Dallas, Hawaii, New Jersey, Seattle and Washington, D.C.
The legal adviser was King & Spalding. The debt capital adviser was Eastdil Secured. The tax adviser was EY.
ABOUT MIRAE ASSET GLOBAL INVESTMENTS CO.
Mirae Asset Global Investments is the investment arm of Mirae Asset Financial Group, an independent financial services firm headquartered in Seoul. This group executes the firm’s investments across at least a dozen markets globally and was the first asset manager to be registered in Korea, with assets under management as of June 30, 2017 totaling approximately $106 billion. Its real estate investments total approximately $6.2 billion in invested equity, with a total asset value of approximately $12.0billion, which includes 53 investments since 2004 and 36 currently held investments. Mirae’s most recent real estate investments are located in cities including Seoul, Shanghai, Sydney, Sao Paulo, Chicago, Washington, D.C., Seattle, and Hawaii. U.S. investments include the Fairmont San Francisco, The Fairmont Orchid in Hawaii, 225 West Wacker Drive in Chicago, 2550 M Street and 1801 K Street in Washington, D.C., Amazon.com Phase VIII in Seattle, CityLine State Farm in Dallas, Park Center I in Atlanta and Hyatt Regency Waikiki in Hawaii.
ABOUT TRANSWESTERN INVESTMENT GROUP
Transwestern Investment Group (TIG®) is an investment adviser serving a broad range of investors through a diversified array of discretionary and non-discretionary investment vehicles. Our client-focused, relationship-driven approach ensures our priorities are our clients’ investment objectives. With $3 billion of assets under management, trust, integrity and transparency are the cornerstones of our business. TIG provides tactical investment management with an integrated operating platform through the Transwestern family of companies, which includes a diversified real estate services firm with 35 U.S. offices and a development company. For more information, visit transwesterninvest.com.
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A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/295bdc9c-473a-43ae-8970-1272b838be15
Stefanie Lewis Transwestern 713.272.1266 firstname.lastname@example.org