Wellls Center was one of a portfolio of six buildings which were purchased in 2004 by Saracen, in partnership with Rockpoint Group. The portfolio, totalling 900,000 square feet, was purchased for $69,000,000 from a distressed private REIT. Over the next 18 months, Saracen acted as both Manager and Developer and oversaw a $23,000,000 recapitalization project for the properties. The scope of work for Wells Center included the renovation of the building entrance lobby, the cafe and the outdoor patio area. Mechanical systems, landscaping and signage upgrades were also performed. Upon completion of the 18-month capital improvement program, the portfolio enjoyed an occupancy rate in excess of 80%.
The portfolio was sold to Normandy Real Estate Partners for $151,000,000 in April 2006.
- Developer - Saracen Development
- Architects - LaFrenieve Architects, Cubellis Architects, BH+A
- Civil Engineer - Beal Associates
- General Contractors - Ostrander Construction, Gilbane Construction, Commodore Builders
- Brokerage - Meredith & Grew, Inc., Spaulding & Slye, Cushman & Wakefield