IN-DEPTH LOOK: Starwood Capital Group acquires Liberty Center in Pittsburgh

Connecticut-based Starwood Capital Group has paid $135 million to a partnership between Forest City Enterprises and Jos. L. Muscarelle Inc. for the Liberty Center, a mixed-use hotel and office asset in Pittsburgh. Here’s an in-depth look at the deal.

THE DEAL

Starwood Capital Group acquired the Liberty Center portfolio from the sellers, Forest City Enterprises and Jos. L. Muscarelle Inc. for a collective $135 million in August 2013. Starwood paid $74.4 million for the Westin Convention Center and $60.6 million for the Federated Office Tower. An entity controlled by the $4.2 billion Starwood Distressed Opportunity Fund IX acquired the portfolio, and CBRE was the broker for buyer in this transaction, according to data from