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| John Gilb |
LOS ANGELES,
CA, June 30, 2015 – CBRE Strategic Partners U.S. Value 6, a fund sponsored by
CBRE Global Investors, has sold 201 17th Street in Atlantic Station
in Midtown Atlanta following a successful repositioning of the property.
The
execution of the business plan resulted in an increase in leasing at the
17-story building from 48 percent to 91 percent since the fund acquired the
property in 2012.
Both the
CBRE Strategic Partners U.S. Value 6 and CBRE Strategic Partners Opportunity 5
funds own other buildings within Atlantic Station including another office
building, a parking garage and a majority ownership stake in the Atlantic Town
Center retail centerpiece.
As part of
its repositioning strategy at Atlantic Station, CBRE Global Investors has
leveraged the latest technology to enhance the experience of retail guests,
office workers and residents.
“Midtown is
the epicenter of technology and creative business in Atlanta,” said John Gilb, Principal, CBRE Strategic
Partners U.S.
“But beyond offering a prime location at Atlantic Station, we have focused on making this space even more desirable by anticipating and accommodating tenants’ needs and creating a pre-eminent environment for innovation that helps tenants attract and retain young professionals.”
“But beyond offering a prime location at Atlantic Station, we have focused on making this space even more desirable by anticipating and accommodating tenants’ needs and creating a pre-eminent environment for innovation that helps tenants attract and retain young professionals.”
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| 201 17th Street, Midtown Atlanta, Atlanta, GA |
The fund decided to sell the property to benefit its investor clients by taking advantage of strong institutional interest in core office product in Atlanta.
“There is
strong momentum in Midtown as a destination for companies seeking an urban,
infill, mixed- use environment that helps attract millennials,” Gilb said.
“This is resulting in a huge influx of tech tenants. With the completion of our value-added strategy, this was the optimal time to sell to an investor who was interested in what we have transformed into a core asset.”
“This is resulting in a huge influx of tech tenants. With the completion of our value-added strategy, this was the optimal time to sell to an investor who was interested in what we have transformed into a core asset.”
For a complete copy of the company’s
news release, please contact:
Pam Barnett
Corporate
Communications Director
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