Century Park Partners LLC has sold a Memphis, Tennessee-based office tower to Angelo, Gordon & Co‘s Net Lease Group. The price of the acquisition was $58.25 million.
NEW YORK, NY – December 12, 2016 – Angelo, Gordon & Co., the New York-based alternative investment firm, today announced that its dedicated Net Lease Group (“AG Net Lease”) has acquired one office tower located on the four-building global headquarters campus of International Paper Company (NYSE: IP), from Century Park Partners, LLC, for $58.25 million. The purchase includes Tower III and the assumption of Tower III’s ten-and-a-half-year existing lease with International Paper, a Fortune 500 company and one of the largest packaging, pulp and paper companies in the world.
Located in the heart of the East Memphis business district – the largest office market in Memphis – the 214,060 square-foot Tower III, was designed and outfitted specifically for International Paper.
Gordon Whiting, founder and portfolio manager of AG Net Lease, said, “We are excited to acquire such a high quality asset that is in the top 5% of all Class A properties in the East Memphis market and home to a renowned corporate leader. We could not be more pleased with the acquisition of this strong, investment grade credit asset.”
Established in 2005, AG Net Lease is actively seeking to invest in long-term, net-leased corporate real estate in the U.S. and abroad, in transactions ranging from $15 million to $600 million. AG Net Lease is seeking to purchase in excess of $500 million in real estate assets annually.
ABOUT ANGELO, GORDON & CO.
Angelo, Gordon & Co., L.P. is a privately held limited partnership founded in November 1988, and currently manages approximately US$26 billion. The Firm’s investment focus centers around three core competencies – credit, real estate, and private equity. Angelo, Gordon has nearly 420 employees, over 160 of whom are investment professionals, and is headquartered in New York, with associated offices elsewhere in the US, Europe and Asia. For more information, visit www.angelogordon.com.