A Griffin Capital REIT to Collect Rent from Large Mutual Fund Co.

Griffin Capital Essential Asset REIT (Griffin) announced earlier this week the acquisition of two Class A properties. The publicly registered, non-traded REIT has added The Vanguard Group Southeast Regional Headquarters and the Parallon Business Performance Group Operations Center to its real estate portfolio. 

The Vanguard Group Southeast Regional Headquarters located in Charlotte, NC is a two building office property with approximately 225,000 in square feet. The building is currently leased for a remaining 10.5-year term to one of the world’s largest mutual fund companies, The Vanguard Group. 

Griffin has also added a new addition to the REIT’s Southeastern properties, the Parallon Business Performance Group Operations Center, acquired from commercial real estate company, Harrod Properties. Located in Tampa, Florida, the 83,200 square foot office building currently has a remaining lease of 10.5 years to a subsidiary of HCA Holding’s, Inc. 

“We have owned properties in the Southeast for decades, but have recently increased our focus on the region due to its attractive pricing relative to coastal gateway cities, its pro-growth business climate, and the attractive prospects for future prosperity,” said Don Pescara, Griffin’s Managing Director of Acquisitions.

Griffin Capital Essential Asset REIT, Inc.‘s portfolio consists of 54 office and industrial distribution properties that contain 12.6 million rentable square feet. The REIT’s sponsor, Griffin Capital Management is a privately held investment and management company and currently manages approximately $5.3 billion in assets.