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Starwood Snags Florida Office Portfolio for $231M
Starwood Real Estate Income Trust, Inc. (SREIT) acquired a Class A office portfolio totaling 1.27 million square feet across 11 buildings in Jacksonville. The portfolio was acquired for roughly $231 million in an off-market transaction, reportedly with TPG Capital.
The portfolio is located within the top-performing Deerwood Park submarket, which commands the highest asking rents and lowest vacancy rate in Jacksonville.
Starwood’s John McCarthy says, “The Florida Office Portfolio is another example of SREIT acquiring high-quality real estate in markets with strong population and job growth. We were also attracted to the portfolio’s diversity of tenants, with more than 65% financially strong credit tenants including Fidelity Investments, The Adecco Group, and JP Morgan.”
SREIT is managed by Starwood REIT Advisors L.L.C., a subsidiary of Starwood Capital Group.
*Pictured Deerwood Park Office South
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