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5/23/16
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Global real estate services firm CBRE group has sold its downtown Los Angeles headquarters building at 400 S. Hope St to a joint venture of Pittsburgh, PA-based PNC Realty Investors and GLL Real Estate Partners, out of Munich, Germany. The 26-story, 701k sf building, contructed in 1982, traded for around $330 mil, or $470/sf.
The building is situated at the corner with Grand Ave, on Bunker Hill. Along with CBRE, who maintains building-top signage, other major tenants include BNY Mellon and O’Melveny & Myers, who owned the property in the past.
CBRE’s CBRE Global Investors acquired the asset from Tishman Speyer in 2012 for about $236 mil. Since that time, the company has renovated the building and boosted occupancy from 80% to 93%.
Kevin Shannon, Ken White, Michael Moll and Rob Hannan of NGKF, along with John Zanetos, Todd Doney and Mike Longo of CBRE, represented the seller in the transaction.
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