Global Investors鈥� eighth value-added US real estate fund has acquired a 345,000sqft office building in California for $171m (鈧�146.2m).
The real estate investment manager announced that CBRE Strategic Partners US Value 8 fund has acquired 2100 Powell, a 16-story building in Emeryville for an undisclosed sum.
Sources with direct knowledge of the transaction told 91传媒在线 that the manager paid $171m to buy the asset from Blackstone.
Blackstone and the listing agent Eastdil Secured both denied a request for comment.
Robert Perry, the new head of the CBRE Strategic Partners US fund series, said: 鈥淲ith 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.
鈥滱nd with its concentration of high-quality office space, plentiful retail and residential amenities, the Emeryville submarket is considered one of the Bay Area鈥檚 premier addresses for technology, healthcare, life science and professional service tenants.鈥�
When the property was put on the market for sale earlier this year, the complex was 98% occupied.
