X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

[IMGCAP(1)]LOS ANGELES-CB Richard Ellis Investors, an independently operated affiliate of CB Richard Ellis Group Inc., has acquired a three-property office portfolio totaling more than one million square feet from ING Clarion Partners that includes buildings here, in New Jersey and in Florida. The properties are the 417,828-square-foot 500 N. Brand Blvd. in Glendale, the 422,470-square-foot Metropolitan Center in East Rutherford, NJ and the 247,905-square-foot Esperante in West Palm Beach, FL.

Terms of the deal were not disclosed, but a recent GlobeSt.com report said that ING Clarion sold the Esperante for a price of $67.6 million at a loss of $36 million after acquiring it for $104 million in late 2005. The 500 N. Brand building previously traded for $140 million when ING Clarion bought it from GE Pension Trust in March 2006, and the Metropolitan Center sold for $120 million when ING Clarion bought it from CBRE Investors in December 2005.

[IMGCAP(2)]CBRE Investors says that it will modernized all three buildings through an extensive capital campaign that will include LEED certification, systems replacements and its 5-Star Worldwide service program, which is designed to provide services and amenities to increase tenant productivity and satisfaction. CBRE Investors acquired the three properties on behalf of its Strategic Partners US Value 5 fund, one of two funds for which it raised $2.1 billion in funding last year to buy and reposition institutional properties in the US.

The 22-story 500 N. Brand building was built in 1990, is 75% leased and has undergone a number of property upgrades since 2002. As part of its repositioning after it acquired the building, ING Clarion renamed the office tower the Lexington.

The Metropolitan Center, located at One Meadowlands Plaza in East Rutherford, is 72% leased. It includes a 4,500-square-foot cafeteria, a 1,300-space five-story parking structure and an additional 150 surface spaces, a newly designed fitness center and shuttle service to the Secaucus/Allied Junction transfer station. The Esperante, a 20-story tower in Downtown West Palm Beach, is located at 222 Lakeview Ave. and is 76% leased.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.