Principal Real Estate Investors Acquires Houston`s 2000 St. James Place

Tue Jan 15, 2013 9:30am EST

* Reuters is not responsible for the content in this press release.

Class A, 335,000 office property fully leased to Weatherford International
DES MOINES, Iowa--(Business Wire)--
Principal Real Estate Investors, one of the largest institutional real estate
managers in the United States, announces the acquisition of 2000 St. James
Place, a 335,000 square foot office building in Houston, Texas. 

The Class A office property is 100 percent occupied under a long-term lease to
Weatherford International. The selling group was led by CORE Real Estate. The
building was acquired by Principal Real Estate Investors for a consortium of
South Korean investors: Korean Federation of Community Credit Cooperatives
(KFCCC), Korea Scientists and Engineers Mutual-Aid Association (SEMA) and Simone

"We are pleased to represent a group of South Korean investors in their first
investment in the Houston market. It shows the depth of interest in Houston as
well as Principal Real Estate Investors` expertise in Houston and the global
markets. Houston continues to be one of our favored markets across all product
types and risk profiles," said Mark Hanrahan, managing director at Principal
Real Estate Investors. 

2000 St. James Place is located within minutes of The Galleria Shopping Center -
Houston`s number one shopping and tourist destination with more than 375 stores
and restaurants that attract 24 million visitors annually. 

The managing member of the South Korean consortium is represented by Simone
Investment. The South Korean onshore asset manager is Woori Asset Management,
with Principal Real Estate Investors acting as the U.S. asset manager. CB
Richard Ellis helped broker the transaction. 

About Principal Real Estate Investors

Principal Real Estate Investors manages or subadvises $42.7 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 $276.2 billion in assets1 primarily
for retirement plans and other institutional clients2. 

About CORE Real Estate

CORE Real Estate is a real estate investment and development company formed in
1997. The firm's principals combine over 83 years of commercial real estate
experience. Since its formation, CORE has developed and invested in multiple
office and industrial projects in the Houston area totaling approximately
4,000,000 square feet. 

1 As of Sept. 30, 2012. 

2 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.; Finisterre Capital, LLP; Origin Asset
Management, LLP; 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.; CIMB-Principal Islamic Asset Management Sdn. Bhd.; and the majority owned
affiliates of Principal International, Inc. Assets under management includes
assets managed by investment professionals of Principal Global Investors under
dual employee arrangements with other subsidiaries of The Principal.

Principal Real Estate Investors
Adam Lackey, 515-362-0482

Copyright Business Wire 2013

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