Rosencrans 2004 LLC bought One Enterprise Center Downtown for $15.2 million.
Transwestern Managing Director John Bell negotiated the sale of the building, a 317,571-square-foot, 22-story office tower at 225 Water St.
Bizstanding.com reports that Rosencrans is a Los Angeles-based real-estate company led by Joseph Michael. The address is that of Michael Development Co.
Michael could not be reached immediately for comment.
“This listing was a rare opportunity to acquire a trophy building with compelling value-add potential,” Bell said in a news release.
Bell said the building was 51 percent leased and “positioned to experience an expedited lease-up with new, long-term ownership.”
The release One Enterprise Center “was the most sought-after office investment to-date this year” because of its location, views and “value-add potential.”
It features a glass-panel exterior, marble lobby and a glass atrium dome.
It is connected to the 354-room Omni Hotel and the two structures share a parking garage, providing One Enterprise Center with a parking ratio for tenants of 2.26 spaces per 1,000 square feet.
Bell said Transwestern received 35 competitive offers from domestic and foreign capital sources.
Bell marketed the property on behalf of the seller.
Two years ago, the building ended up in the lender’s hands following foreclosure. Wells Fargo, its major bank tenant, left in 2011.
A certificate of title was filed in May 2015 transferring ownership of the office tower to 225 Water Street West Holdings LLC.
That company’s sole member is U.S. Bank National Association, the trustee for the lenders. CWCapital Asset Management of Bethesda, Md., was the special servicer and controlled the property.
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