LOS ANGELES – June 25, 2018 – The CBRE Strategic Partners U.S. Value 8 fund has acquired 2100 Powell in Emeryville, Calif., a 16-story, 346,025 square foot best-in-class waterfront office tower with a four-level parking garage. The LEED Gold-certified building is 98 percent leased.
As one of the top office towers in Emeryville, 2100 Powell is well-located along the East Bay waterfront with easy access to the I-80 freeway and offers panoramic views of the Oakland and San Francisco skylines and the San Francisco Bay. The property is served by the Emery Go-Round shuttle, providing express service to the MacArthur BART station, as well as a variety of Emeryville restaurant and retail amenities.
As active real estate operators, the team plans to implement CBRE Global Investors’ proprietary 5-Star Worldwide concierge program to create a connected, experience-rich environment. Elements of the program include offering not only dynamic physical space, but also offering intuitive hospitality and technology to help tenants save time, boost productivity and increase engagement with the property. The team will update tenant common areas and enhance tenant service by adding a bike rental program and ZipCar parking to make access to nearby Emeryville retail amenities more efficient.
“With its robust economic growth and a lower overall cost of living compared to San Francisco, the Oakland metro is a focus market for this fund,” said Robert Perry, Head of the CBRE Strategic Partners U.S. fund series. “And with its concentration of high-quality office space, plentiful retail and residential amenities, the Emeryville submarket is considered one of the Bay Area’s premier addresses for technology, healthcare, life science, and professional service tenants.”
About CBRE Global Investors
CBRE Global Investors is a global real asset investment management firm with $104.2 billion in assets under management* as of March 31, 2018. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2017 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 80,000 employees (excluding affiliates) and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real asset-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real asset-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors' presence in the global real asset market, and its calculation of AUM may differ from the calculations of other asset managers.