LOS ANGELES—An affiliate of Oaktree Capital Management, L.P. in partnership with National Financial Realty, Inc. , has purchased a portfolio of 40 office buildings from First States Investors B, L.P. The acquisition of the 3.4 million-square-foot office portfolio, which is 90 percent leased to Wells Fargo Bank, establishes NFR as the largest privately-held investment firm focused on acquiring and operating properties leased to regulated financial institutions.

“This off-market acquisition, principally backed by 11 years of Wells Fargo credit, at a 50% discount to replacement cost, is another example of Oaktree's commitment to relationship based transactions with well-positioned strategic operating partners like NFR, in addition to lenders and borrowers in need of capital solutions,” said John Brady, managing director and head of global real estate for Oaktree.

“Acquisition of this geographically diverse portfolio fits perfectly into NFR's investment strategy to acquire excellent properties leased to leading financial institutions that offer reliable cash flow and significant potential for appreciation,” said Vincent E. Pellerito, President and CEO of NFR.