LOS ANGELES – May 14, 2015 – A fund sponsored by CBRE Global Investors has acquired United Plaza and 1650 Arch, two recently renovated Class A buildings in downtown Philadelphia.
The 20-story, 617,476 square foot United Plaza, located at 30 S. 17th Street, and the 27-story, 553,349 square foot 1650 Arch are both 94 percent leased. The buildings, which are located in Center City’s premier Market Street West office corridor, were constructed to above-market standards as corporate headquarters and have been extensively renovated and maintained. They feature highly efficient floorplates with minimal columns and excellent multi-tenant elevator exposure.
The team’s capital plan includes implementation of CBRE Global Investors’ proprietary 5-Star Worldwide service and amenity program in both buildings to further enhance their appeal. The 5-Star program will enhance the work environment for tenants by offering high-quality and service-oriented property management, concierge services and a video-linked conference center. Additionally the team intends to pursue LEED certification and completion of base building systems upgrades and cosmetic work. CBRE Global Investors intends to engage best-in-class leasing and management teams.
“Philadelphia is a focus market for us and is projected to be a top 10 rent growth market over the next five years,” said Vance Maddocks of CBRE Global Investors. “These buildings are high-quality properties in a market that is in high demand. With Class A vacancy at 9.1 percent and limited new supply coming into the market, we believe these properties will appeal to a wide range of tenants.”
About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $87.1 billion in assets under management* as of March 31, 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 52,000 employees in more than 370 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.