LOS ANGELES – November 19, 2015 – CBRE Global Investors’ U.S. Managed Accounts Group has acquired Midtown I & II, two core Class A office buildings totaling 794,110 square-feet in the Innovation District of Midtown Atlanta, on behalf of Korea Post. The asset is fully leased to AT&T.
Located at 725 and 754 West Peachtree Street across from the Georgia Institute of Technology, the property benefits from a highly visible and accessible location. The North Avenue MARTA station is adjacent to the property, which is convenient to all major surface arteries and the Downtown Connector. Midtown is one of Atlanta’s most prestigious business districts and the current location of some of the city’s most dynamic economic engines for growth.
Midtown I & II feature a conference/training center, restaurants, coffee shop, and a fitness center. The property also includes a nine-story 2,459-space parking garage, which is also home to 13,257 square feet of ground floor retail space, as well as AT&T’s 5,000 square foot Drive Studio. The Drive Studio is a platform which allows automakers to add and test connected services, such as in-car entertainment systems, over-the-air diagnostic systems, and other innovative cellular-enabled features.
“Atlanta boasts a diverse economy and continues to attract major corporate users,” said Jeffrey Torto, Senior Managing Director, U.S. Managed Accounts Group. “Atlanta is quickly becoming a technology and data center hub for companies looking to relocate or expand outside of the traditional technological hubs such as Silicon Valley and Austin, Texas.”
This transaction is the second that CBRE Global Investors has executed for Korea Post in the United States and spotlights the continued growth in the firm’s cross-border separate accounts platform. In 2014, the firm raised $5.4 billion in separate account equity, including $1.7 billion to be invested cross-border.
“Our investors are increasingly looking for global diversification,” said Peter DiCorpo, President, U.S. Managed Accounts Group. “We can offer the on-the-ground experts in their target investment markets as well as in their home country to provide a seamless solution for migrating capital across borders.”
About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $86.0 billion in assets under management* as of September 30, 2015. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment firm for the benefit of its investors. CBRE Group, Inc. has more than 70,000 employees in more than 400 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of investments in real estate; equity in funds and joint ventures; securities portfolios; operating companies and real estate-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.