In a sweeping portfolio deal this week, buyers National Financial Realty (NFR) and Oaktree Capital Management acquired 40 office buildings--five in Pennsylvania and others in New Jersey-- 90% of which are leased to banking giant Wells Fargo. Today, we take a look behind the deal.

NFR CEO Vincent Pellerito tells us it the most complicated deal" in his 22-year career but worth it since it fits NFR's strategy of finding and buying properties leased to financial institutions--provided theyre high-quality properties with long-term leases. With this deal, NFR, which is based in LA, becomes one of the larger players in the niche of owning properties leased to regulated financial firms. (We're coining a term for these bank groupies: "bankies.")Vincent also gave a shoutout to seller KBS, for doing "an excellent job maximizing value for KBS REIT I.

The partners paid $240M for the 3.4M SF portfolio, a price that the buyers say represents a 50% discount-to-replacemen t cost. The five properties in Pennsylvania total 600k SF, including an almost 500k SF regional operations center in Philadelphia, 101 N Independence Mall East. Other Pennsylvania buildings include 100 N Queen St in Lancaster, 12 E Market St in York, 17 N High St in West Chester, and 217 W Baltimore Pike in Media. NJ buildings in the portfolio include ones in Haddon Township and in Red Bank (pictured).