LONDON 21 March 2019 – CBRE Global Investors, acting on behalf of a pension fund client, has completed a 40,000 sq ft office development and decked car park at 270 Cambridge Science Park, Cambridge. The development was pre-let to Worldpay Limited on a 15-year term.
CBRE Global Investors acquired the long leasehold interest of 270 Cambridge Science Park in 2013 which includes a circa 39,000 sq ft office building consisting of ground floor and two upper floors. Worldpay is a tenant of this office and pre-let the new development before construction began. The new office comprises ground floor, three upper floors and a decked car park.
The Grade A office is designed to offer flexible, column free office space, capable of subletting through the central core. The office has achieved BREEAM excellent rating.
Cambridge Science Park is the UK’s oldest and most prestigious park. It was developed by Trinity College and of the 100 companies and 5,000 workers on the site, the majority are involved in scientific research and development. It is located three miles from the city centre of Cambridge and close to the A14.
“When we acquired the asset, the intention was to develop this site and add value to our client’s portfolio by taking on some development risk,” commented Ian Wilson, Senior Director, CBRE Global Investors. “With Worldpay having agreed a pre-let of the new office we mitigated the void risk. Worldpay are moving into grade A office space and we hope their employees enjoy their new building”.
The architects acting on behalf of CBRE Global Investors were BDP.
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About CBRE Global Investors
CBRE Global Investors is a global real asset investment management firm with $105.5 billion in assets under management* as of December 31, 2018. 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:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2018 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 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.