crefeed.com | CBRE Investors acquire three-building office portfolio

1/16/2009

CBRE Investors acquire three-building office portfolio

by
CB Richard Ellis Investors has purchased a three-buliding portfolio of office properties in Los Angeles, New Jersey and Palm Beach.

The acquisition includes 500 N. Brand in Glendale, 1 Meadowlands Plaza in East Rutherford and 222 Lakeview Ave. in West Palm Beach.

The Glendale property contains 417,828 square feet and was built in 1990. It underwent renovations in 2002 and is almost 75 percent leased. The office building in East Rutherford contains 422,470 square feet and is in the second largest office market in the state. It it currently 72 percent leased.

Finally, the West Palm Beach building contains 247,905 square feet. The 20-story building is 76 percent leased and is considered one of the more prominent addresses in the Central Business District.

CBRE will invest in an extensive capital campaign for the buildings that will include LEED certification.

Address: 500 N. Brand, Glendale, Calif.
- 1 Meadowlands Plaza, East Rutherford, N.J.
- 222 Lakeview Ave., West Palm Beach, Fla.

Size: 1.08 million

Filed Under: Office

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