LOS ANGELES – January 22, 2018 – The CBRE Strategic Partners U.S. Value 8 Fund has acquired 801 N. Brand, a 290,847 square foot trophy-quality office building; 700 North Central, a 136,016 square foot office building; and a 50 percent ownership interest in an adjacent parking structure, all within a highly desirable “edge city” office campus in Glendale, California. The property is currently 89.9 percent leased to a stable base of institutional-quality tenants.
These office buildings are well-located with convenient access to major freeways and are in close proximity to several retail amenities. The submarket also boasts the recent addition of more than 3,500 multifamily units with more under construction, contributing to the live-work-play environment.
Both buildings have been recently renovated and feature efficient floorplates. 801 N. Brand is recognized among the top three buildings in the submarket, and a planned capital program, including implementation of the firm’s proprietary 5-STAR Worldwide® service and amenity program, is expected to further enhance the property’s position in the market with additional amenities in the common areas. The team also plans to engage best-in-class leasing and management teams.
“The Glendale submarket has rapidly transformed with the development of retail amenities and multifamily communities that are helping drive office demand among tenants who want to be near both to attract employees,” said Robert Perry, Portfolio Manager for the CBRE Strategic Partners U.S. Value 8 fund. “The submarket has experienced significant positive net absorption since 2010, and vacancy is projected to remain low over the next five years. These factors, coupled with the convenient freeway access of these buildings, make this acquisition a good fit with our fund’s transit-connected edge city strategy.”
About CBRE Global Investors
CBRE Global Investors is a global real asset investment management firm with $98.3 billion in assets under management* as of September 30, 2017.
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 company for the benefit of its investors. CBRE Group, Inc. has more than 75,000 employees in approximately 450 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 asset-related investments 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 assets; equity in funds and joint ventures; securities portfolios; operating companies and real asset-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real asset market, and its calculation of AUM may differ from the calculations of other asset managers.