LOS ANGELES – June 30, 2015 – CBRE Strategic Partners U.S. Value 6, a fund sponsored by CBRE Global Investors, has sold 201 17th Street in Atlantic Station in Midtown Atlanta following a successful repositioning of the property. The execution of the business plan resulted in an increase in leasing at the 17-story building from 48 percent to 91 percent since the fund acquired the property in 2012.
Both the CBRE Strategic Partners U.S. Value 6 and CBRE Strategic Partners Opportunity 5 funds own other buildings within Atlantic Station including another office building, a parking garage and a majority ownership stake in the Atlantic Town Center retail centerpiece. As part of its repositioning strategy at Atlantic Station, CBRE Global Investors has leveraged the latest technology to enhance the experience of retail guests, office workers and residents.
“Midtown is the epicenter of technology and creative business in Atlanta,” said John Gilb. “But beyond offering a prime location at Atlantic Station, we have focused on making this space even more desirable by anticipating and accommodating tenants’ needs and creating a pre-eminent environment for innovation that helps tenants attract and retain young professionals.”
Technology companies migrating to Atlantic Station comprise the majority of the newly added tenants at 201 17th Street as the area is increasingly gaining a reputation as “Silicon Peach.” The fund decided to sell the property to benefit its investor clients by taking advantage of strong institutional interest in core office product in Atlanta.
“There is strong momentum in Midtown as a destination for companies seeking an urban, infill, mixed- use environment that helps attract millennials,” Gilb said. “This is resulting in a huge influx of tech tenants. With the completion of our value-added strategy, this was the optimal time to sell to an investor who was interested in what we have transformed into a core asset.”
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.