LOS ANGELES – October 27, 2016 – A fund advised by CBRE Global Investors has acquired California Plaza, a 10-story, 394,123-square-foot Class A office building located in Walnut Creek, California.
California Plaza is located adjacent to the Walnut Creek BART station with easy access to the I-680 Freeway and views of Mount Diablo. The property features distinctive architecture, high-quality finishes, flexible floor plates, balconies, a fitness center, deli and underground parking.
CBRE Global Investors plans to reposition the property through implementation of the 5-Star Worldwide service and amenity program, including construction of a new indoor/outdoor conference/amenity center with a management office. The capital campaign will also include upgrades to common corridors, elevator lobbies and restrooms as well as pursuit of LEED certification.
“California Plaza is a great fit for our investment plan to acquire transit-oriented, quality real estate in premier infill suburban submarkets,” said Vance Maddocks, Chief Investment Officer of CBRE Global Investors Americas.
About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $87.9 billion in assets under management* as of September 30, 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.