Principal Real Estate Investors Acquires Westway III Office Building
West Houston Property is Class A, LEED Gold Certified
December 16, 2010 (Des Moines, IA) - Principal Real Estate Investors, the fourth largest institutional real estate manager in the United States, announces the acquisition of Westway III from Dienna Nelson Augustine Company. Westway III is a 182,000 square-foot, class A office building located in west Houston. Completed in 2008, it has earned Leadership in Energy and Environmental Design (LEED) gold certification status.
“We’re pleased to add Westway III to our portfolio,” said Rod Vogel, managing director at Principal Real Estate Investors. “Principal Real Estate Investors has a long and proven track record in the Houston market, and this acquisition is in line with our strategy to buy high quality, value-add office structures.”
Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®. CB Richard Ellis will handle management and leasing of the property on behalf of Principal Real Estate Investors.
About Principal Real Estate Investors
Principal Real Estate Investors is the fourth largest institutional real estate manager in the United States based on tax-exempt assets under management and manages or subadvises $34.1 billion in commercial real estate assets. The firm’s real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.
About Principal Global Investors
Principal Global Investors is a diversified asset management organization and a member of the Principal Financial Group®, with expertise in equities, fixed income and real estate investments, as well as specialized overlay and advisory services. Principal Global Investors manages $227.4 billion in assets primarily for retirement plans and other institutional clients.
About the Principal Financial Group
The Principal Financial Group® (The Principal®) is a leader in offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement and investment services, life and health insurance, and banking through its diverse family of financial services companies. A member of the Fortune 500, the Principal Financial Group has $284.7 billion in assets under management and serves some 18.9 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG.
- The 4th largest manager of real estate, ranked by U.S. institutional tax-exempt real estate assets, out of 99 managers profiled, as of June 30, 2009 “Real Estate Managers.” PENSIONS & INVESTMENTS, Oct. 19, 2009.
- As of September 30, 2010. Principal Global Investors is the asset management arm of the Principal Financial Group ® (The Principal ®) and includes the asset management operations of the following subsidiaries of The Principal: Principal Global Investors, LLC; Principal Real Estate Investors, LLC; Spectrum Asset Management, Inc.; Post Advisory Group, LLC; Columbus Circle Investors; Edge Asset Management, Inc.; Morley Financial Services Inc.; Principal Global Investors (Europe) Limited; Principal Global Investors (Singapore) Ltd.; Principal Global Investors (Australia) Ltd.; Principal Global Investors (Japan) Ltd.; Principal Global Investors (Hong Kong) Ltd.; and the majority owned affiliates of Principal International, Inc.
- The Principal Financial Group and The Principal are registered service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.
- As of Sept. 30, 2010.