LOS ANGELES – October 20, 2015 – CBRE Strategic Partners U.S. Value 7, a fund sponsored by CBRE Global Investors, has acquired RiverPark, a 412,231 square foot, Class A office building located in Norwalk, Connecticut, that is 68 percent leased. This is the second time for a fund in the Strategic Partners U.S. series to own this asset. The first was from 2005-2007 during which time the team successfully executed its value-added strategy.
Located at 800 Connecticut Avenue, RiverPark is at the intersection of I-95 and Route 1 on a 15-acre campus. Norwalk, which is one of the best-performing submarkets in the MSA, has recently begun to attract large tenants relocating from Stamford and elsewhere in the county due to its central location and proximity to executive and workforce housing.
The building, which consists of three wings connected by a four-story atrium, features a 120-seat full-service cafeteria, professionally managed fitness center, shuttle service to nearby train stations, dry cleaning, picnic areas and a putting green.
As part of its value-added strategy, CBRE Global Investors plans to implement its signature 5-Star Worldwide service and amenity program – including high-impact cosmetic upgrades and replacement of dated building components – to attract and retain tenants seeking a vibrant, collaborative work environment and deep amenity offerings for their employees. The team will re-introduce the asset to the market, highlighting the new responsive ownership.
“We know this building because we successfully owned and operated it in the past,” said Vance Maddocks, President of CBRE Strategic Partners U.S. “We look forward to re-invigorating RiverPark and restoring its market status to capitalize on current momentum in the submarket. With the enhancements we are planning, coupled with our overall strength of ownership, we can offer tenants a compelling proposition.”
Jeffrey Dunne of CBRE’s Institutional Properties brokered the sale.
About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $88.4 billion in assets under management* as of June 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.