Functional Lobbies: Another Change for Office

Cornuke: “Moving forward now with having our regional offices in the US and having boots on the ground is critical to our success.”

NEWPORT BEACH, CA—No longer just dead space or a place to wait for a meeting, lobby space is being activated with WiFi as another important amenity in attracting and retaining talent, John Cornuke, regional investment head, the Americas, for TH Real Estate, a division of TIAA Global Asset Management, tells GlobeSt.com. TIAA recently integrated its US real estate operations with TH Real Estate (a London-based investment company which TIAA purchased last year). As the third-largest real estate manager in the world, TH Real Estate now manages $97 billion in assets under management and a suite of nearly 80 funds and mandates spanning both debt and equity.

As testament to its significant activity in the Orange County market, TH Real Estate recently sold 3 Hutton Centre in Santa Ana, CA, a 198,161-square-foot trophy office tower (for what Real Capital Analytics reports was approximately $50.5 million) to Cypress Office Properties LLC, with joint-venture partner Harbert United States Real Estate Fund VI L.P. Cushman & Wakefield brokers Jeffrey Cole, Ed Hernandez, Nico Napolitano, Robert Lambert and Rick Reeder represented the seller in the transaction, along with CBRE’s John Weiner.