LOS ANGELES – July 20, 2016 – CBRE Global Investors’ U.S. Managed Accounts Group has acquired a 65,222-square-foot office building and television studio in Seattle on behalf of Allstate.
Located at 1813 Westlake Avenue North in the Lake Union/Central District submarket of Seattle, the three-story building is home to KCPQ-TV and KOJO-TV and includes a fully equipped state-of-the-art broadcast studio with newsroom, studios and control booths; conference rooms; showers; and exterior decks with views of Lake Union. The television stations will continue to operate from the location. The building is leased entirely to Tribune Broadcasting Company, a subsidiary of Tribune Media Company.
The property also benefits from immediate access to the rich amenities of South Lake Union. Seattle’s growth momentum continues, and the metro is adding jobs at one of the fastest paces for western metro areas, with mid- and high-wage industries accounting for two-thirds of the net jobs created in the first half of 2016.
“With significant job and population growth, the Lake Union/Central District submarket is one of the most desirable live/work/play environments in downtown Seattle and ground zero for major technology companies, which are hiring at a breakneck pace,” said Gardner Ellner, acquisitions director, CBRE Global Investors U.S. Managed Accounts Group. ”Over the next five years, total employment in the metro area is forecast to increase by 1.1 percent per year, slightly outpacing the nation. Seattle will outperform most of its western peers in 2016 thanks to strong population growth and fast growth in information technology.”
“As long-term investors, we at Allstate are seeking high-quality properties in growth markets,” said Michael Moran, managing director, real estate for Allstate. “The acquisition of a building leased entirely to a long-term tenant like Tribune Broadcasting is part of our strategy to invest in income-producing properties to achieve attractive returns and further diversify our investment portfolio.”
Tom Pehl and Lou Senini with CBRE-Seattle were the listing brokers.
About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $89.7 billion in assets under management* as of March 31, 2016. 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.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
The Allstate Corporation (NYSE: ALL) is the nation’s largest publicly held personal lines insurer, protecting approximately 16 million households from life’s uncertainties. Allstate’s real estate investments group has decades of experience and looks for core and value-add opportunities across geographies in the United States and internationally, and in a range of investment vehicles, such as funds, co-investments and joint ventures. Allstate’s real estate investments include retail, multi-family, office and industrial properties.