Griffin Essential Asset REIT II Acquires North Carolina Toshiba Headquarters for $35.8 Million
Griffin Capital Essential Asset REIT II Inc., a publicly registered non-traded real estate investment trust, purchased the 200,846-square-foot Toshiba Global Commerce Solutions Corporate Headquarters in Durham, North Carolina for approximately $35.8 million, plus closing costs. International Business Machines Corporation was the seller.
The four-story, class A office building is leased in its entirety to Toshiba TEC Corporation through April 2028, and subleased to its subsidiary, Toshiba Global Commerce Solutions Inc.
The property serves as the corporate headquarters for Toshiba Global Commerce Solutions, which was created when Toshiba TEC acquired IBM’s Retail Store Solutions business for $850 million in 2012.
Toshiba Global Commerce Solutions is a supplier of retail point-of-sale systems and integrated in-store solutions for retailers globally.
“We are excited to add another business-essential, high-quality, corporate headquarters to the REIT,” said Robert Corry, Griffin Capital’s managing director of acquisitions. “Given the tenant’s recent capital investment to transform the building into a world-class headquarters, coupled with the building’s raised-floor lab space which is critical for research, development, and testing functions, we believe the tenant will continue to find the property attractive as a headquarters and critical operating facility for many years to come.”
Griffin Capital Essential Asset REIT II’s portfolio currently includes 16 office and industrial buildings totaling approximately 3.45 million rentable square feet and total acquisition value of $515 million.
The REIT’s sponsor is Griffin Capital Corporation, a privately-owned real estate company headquartered in Los Angeles. Griffin Capital and its affiliates own, manage, sponsor and/or co-sponsor a portfolio consisting of approximately 36.6 million square feet of space, located in 29 states, and 0.1 million square feet in the United Kingdom, representing approximately $6.3 billion in asset value, based on purchase price.
