Friday, March 22, 2013

CBRE Global Sells Philly, DC Bldgs. to Rosemont Realty

CBRE Global Investors traded three Class A properties to Rosemont Realty. 

The assets include 2000 Market St., a 29-story, 665,649-square-foot office building in downtown Philadelphia and Dulles View, two eight-story structures totaling 360,045 square feet in the Washington, DC, submarket of Herndon, VA. 

A fund managed by CBRE Global purchased 2000 Market St. in December 2009. Since its acquisition, the interior public areas were renovated and 340,983 gross square feet were leased increasing the structure’s occupancy from 77 percent to 95 percent. 

A second fund sponsored by CBRE Global completed construction of the Dulles View spec project in 2008. Since its delivery, more than 340,243 square feet was leased taking the building’s current occupancy to 94.5 percent. 

“We have successfully completed our business plans for these properties in line with the value-added strategy for our CBRE Strategic Partners U.S. series of funds,” said Vance Maddocks, president of CBRE Strategic Partners U.S. “This included making significant investments, either through development or repositioning, to lease these properties to core. As a result, we are now able to maximize the return for our investors through disposition.”

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