An affiliate of Oaktree Capital Management L.P., in partnership with National Financial Realty Inc., acquired a portfolio of 40 office buildings totaling 3.4 million sq. ft. of space, from First States Investors B L.P. for $240 million.

The portfolio is 90 percent leased to Wells Fargo Bank. Properties included in the sale are located in eight states, including North Carolina, South Carolina, Virginia, Florida, New Jersey, Pennsylvania, Maryland and Georgia. The largest portion of the portfolio is in North Carolina, with eight buildings totaling 1.2 million sq. ft., followed by Pennsylvania, with five buildings totaling 600,000 sq. ft.

“This off-market acquisition, principally backed by 11 years of Wells Fargo credit, at a 50 percent 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, in a statement.