A portfolio of office buildings will be sold for $1.12 billion. The buildings, and also some undeveloped land, are located across the Triangle area, in Nashville, St. Louis, and in South Florida. The purchase price was reportedly based on $160 per square foot of building area.

The current owner is Duke Realty Corp, the second largest office landlord in the Triangle area. The sale will include the Lenovo US headquarters campus in Morrisville. The total value of the properties in the Triangle area is estimated to be $500 million.

The purchasing entity is a joint venture between Starwood Capital Group, Vanderbilt Partners, and Trinity Capital Advisors. Duke Realty will provide seller financing of $200 million. The transaction is excepted to close by April 1, 2015.

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