LOS ANGELES—CBRE Global Investors has begun marketing for sale a portfolio of high-quality office properties located in several strong growth markets across the United States. The properties are owned by a fund in the CBRE Strategic Partners U.S. fund series.
The portfolio, known as the National Office Portfolio, includes six trophy-quality assets totaling nearly 2.0 million square feet in five premier markets including Los Angeles, Dallas, Houston, Washington, D.C., and West Palm Beach, Fla.
The National Office Portfolio assets, which are characterized by their superior quality, prominence within their respective submarkets and extensive capital improvement programs, are:
- 500 North Brand, a 420,500 SF asset and one of the highest quality buildings in the Glendale submarket of Los Angeles
- Preston Commons, which includes two eight-story buildings totaling 427,800 SF and is among the highest quality buildings in the Preston Center submarket of Dallas
- Sterling Plaza, a 313,600 SF asset and one of the most prominent towers in the Preston Center submarket of Dallas
- 2603 Augusta, a 243,300 SF asset prominently located in the world-class West Loop/Galleria submarket of Houston
- One Washingtonian, a 321,000 SF asset in the North Rockville submarket of Washington, D.C.
- Esperante, a 256,200 SF iconic landmark in West Palm Beach, Fla., that was the recipient of the 2010-11 BOMA TOBY award for renovated Building of the Year in the Southern Region
The tenant base of the portfolio consists of a preferred mix of finance, energy, medical, legal and service firms, reflecting the diverse industries driving demand within the various submarkets.
CBRE Global Investors has invested significant capital in these properties to reposition them in line with the Strategic Partners U.S. strategy. Enhancements that give the buildings true competitive advantages include implementation of CBRE Global Investors’ signature 5-Star Worldwide amenity program, including highly functional conference centers with modern technology, updated fitness facilities and professional concierge services to provide tenants a more enjoyable and productive work experience leading to higher satisfaction and retention. Additionally, all six assets have LEED certification, demonstrating CBRE Global Investors’ commitment to sustainability. The best-in-class operations implemented have enhanced the tenant experience, elevating retention and the overall value proposition.
The portfolio is also free and clear of existing debt, allowing an investor the ability to participate in the generationally low interest rate environment.