LOS ANGELES – November 23, 2015 – CBRE Strategic Partners U.S. Value 7 has acquired 7000 Central Park, a 415,490 square foot Class-A office building located in the heart of the Central Perimeter submarket of Atlanta that is 86 percent occupied by a diverse tenant roster.
The 18-story office building is centrally located in a live/work/play mixed-use community that has benefited from recent corporate relocations, as well as multifamily and retail developments that have urbanized the submarket. It features convenient access to GA400 and I-285 and offers shuttle service to two MARTA stations. The property includes high-quality amenities such as an on-site management office, café, Wi-Fi lounge, conference facility, EV charging stations, outdoor lakeside dining area, covered parking and walkways, and a 7,200 square foot state-of-the-art fitness center.
7000 Central Park appeals to a broad range of tenants, attracting small local tenants as well as large, nationally recognized, corporate users. A key component of the leasing strategy will be implementation of Strategic Partners’ signature 5-Star Worldwide Service program, which will be a differentiator in further attracting small and mid-size tenants to fill remaining space by providing the high-quality concierge services and on-site amenities that are typically reserved for large users, such as a high-tech conference facility. The 5-Star program has created environments that have helped tenants be successful at other Atlanta properties in the fund series, including most recently Three Ravinia and 201 17th Street at Atlantic Station, which won BOMA’s regional The Building of the Year award two years in a row. The team will focus capital investments on updating tenant-facing common areas, enhancing the existing amenities, and addressing major building systems.
Atlanta has been a target market for the Strategic Partners U.S. fund series. Since 2010, the program has made three other investments in Atlanta office properties totaling 1.7 million square feet and has leased more than 800,000 square feet of space in the last 12 months.
“Atlanta is in the latter stages of recovery, with broad-based job growth. Employment gains exceed the national average overall, with a stable population of professional services companies supporting continued growth,” said Vance Maddocks, President of CBRE Strategic Partners U.S. “Furthermore, the Central Perimeter submarket is the largest office submarket in Atlanta with the highest concentration of employees and has reported the strongest absorption of any submarket since 2010. Our team has successfully acquired, repositioned, leased and sold several office properties in Atlanta over our history, and we will continue to leverage exceptional operating resources to execute our leasing strategy for this property.”
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.