{"id":1004119484,"date":"2015-05-15T05:39:30","date_gmt":"2015-05-15T13:39:30","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004119484"},"modified":"2022-12-08T13:13:41","modified_gmt":"2022-12-08T21:13:41","slug":"cbre-global-investors-takes-2-in-philadelphia","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cbre-global-investors-takes-2-in-philadelphia\/","title":{"rendered":"CBRE Global Investors Takes 2 in Philadelphia"},"content":{"rendered":"

By Gail Kalinoski, Contributing Editor<\/em><\/p>\n

Calling Philadelphia an area of focus, a fund sponsored by CBRE Global Investors has purchased two Class A office buildings in the city’s central business district\u2013United Plaza and 1650 Arch St.<\/p>\n

The Los Angeles-based investment management firm did not disclose the price, but the Philadelphia Business Journal <\/i>\u00a0reported that Tier REIT sold the properties for about $200 million.<\/p>\n

\"United<\/a>

United Plaza<\/p><\/div>\n

United Plaza is a 20-story, 617,476-square-foot building located at 30 S. 17th<\/sup> St., and 1650 Arch St. has 27 stories and 553,349 square feet of space. Both are located in Center City\u2019s premier Market Square West corridor and are 94 percent leased.<\/p>\n

\u201cPhiladelphia is a focus market for us and is projected to be a top 10 rent growth market over the next five years,\u201d Vance Maddocks, president, Strategic Partners, U.S., for CBRE Global Investors, said in a statement. \u201cThese buildings are high-quality properties in a market that is in high demand. With Class A vacancy at 9.1 percent and limited new supply coming into the market, we believe these properties will appeal to a wide range of tenants.\u201d<\/p>\n

Tenants at United Plaza include Duane Morris, a law firm that leases about 257,000 square feet. \u00a0The United States Environmental Protection Agency is the main tenant at 1650 Arch St. with approximately 304,255 square feet, according to the Philadelphia Business Journal<\/i>.<\/p>\n

CBRE Global Investors said the buildings have been extensively renovated and maintained. The buildings feature \u201chighly efficient floor plates with minimal columns and excellent, multi-tenant elevator exposure,\u201d according to the statement.<\/p>\n

The team\u2019s capital plan includes pursuing LEED certification, base building systems upgrades and cosmetic work. It also plans to implement CBRE Global Investors\u2019 proprietary 5-Star Worldwide service and amenity program, which includes high-quality and service-oriented property management, concierge services and a video-linked conference center.<\/p>\n

Colliers International\u2019s 2014 Year End Office Research & Forecast Report for the region noted that Philadelphia\u2019s central business district gained national investors last year.<\/p>\n

\u201cInvestment activity should remain strong in 2015 based on the number of properties on the market. REITs will continue to refine their targeted geographic areas, and private equity funds may begin spinning off stabilized assets,\u201d the Colliers report stated.<\/p>\n

For CBRE Global Investors, the deal marks a return to Philadelphia, where it had previously owned 2000 Market St. before selling it two years ago.<\/p>\n

Tier REIT, formerly known as Behringer Harvard REIT I Inc., still owns two office buildings in the city:\u00a0Three Parkway and the Wanamaker Building. The REIT focuses on office properties in strategic U.S. markets, including Washington, D.C., Dallas, Louisville, Ky., and Baltimore, where it sold 250 West Pratt St.<\/a> to Corporate Office Properties Trust \u00a0in March\u00a0for $63.5 million.<\/p>\n

Last month, CBRE Global Investors purchased two office buildings\u2013Metropolitan Park East and West\u2013in Seattle\u2019s South Lake Union<\/a> submarket for a reported $273 million.\u00a0 Other 2015 investments include Park 80 West, two Class A buildings in Saddle Brook, N.J., and 700 Broadway, a multi-tenant office building in Denver. The firm has about $87 billion in assets under management.<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

The Los Angeles-based firm paid a reported $200 million for two Class A office buildings in Center City.<\/p>\n","protected":false},"author":1068,"featured_media":1004119501,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,11,21742,21747,1494],"tags":[39402],"class_list":["post-1004119484","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-midatlantic","category-latest","category-office","category-philadelphia","tag-philadelphia"],"acf":[],"yoast_head":"\nCBRE Global Investors Takes 2 in Philadelphia - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/cbre-global-investors-takes-2-in-philadelphia\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBRE Global Investors Takes 2 in Philadelphia\" \/>\n<meta property=\"og:description\" content=\"The Los Angeles-based firm paid a reported $200 million for two Class A office buildings in Center City.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/cbre-global-investors-takes-2-in-philadelphia\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-05-15T13:39:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T21:13:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/05\/United-Plaza.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"467\" \/>\n\t<meta property=\"og:image:height\" content=\"700\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cbre-global-investors-takes-2-in-philadelphia\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cbre-global-investors-takes-2-in-philadelphia\\\/\"},\"author\":{\"name\":\"Gail Kalinoski\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/fc5b5df1393e5023d2417bd48c2fda57\"},\"headline\":\"CBRE Global Investors Takes 2 in Philadelphia\",\"datePublished\":\"2015-05-15T13:39:30+00:00\",\"dateModified\":\"2022-12-08T21:13:41+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cbre-global-investors-takes-2-in-philadelphia\\\/\"},\"wordCount\":512,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cbre-global-investors-takes-2-in-philadelphia\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/05\\\/United-Plaza.jpg\",\"keywords\":[\"Philadelphia\"],\"articleSection\":[\"Featured\",\"Investment\",\"Mid-Atlantic\",\"News\",\"Office\",\"Philadelphia\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cbre-global-investors-takes-2-in-philadelphia\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cbre-global-investors-takes-2-in-philadelphia\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cbre-global-investors-takes-2-in-philadelphia\\\/\",\"name\":\"CBRE Global Investors Takes 2 in Philadelphia - 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