The Real Deal New York

CBREI sells CBRE headquarters in LA for $330M

A JV of PNC Financial and Munich’s GLL Real Estate bought the property for $470 a square foot
By Hannah Miet | May 20, 2016 09:30AM


From the Los Angeles website: CBRE Global Investors sold the Downtown Los Angeles headquarters of its parent company, CBRE, for approximately $330 million in a deal that closed Thursday.

The buyer was a joint venture between Pittsburgh, Penn., firm PNC Financial Services Group and Munich, Germany-based real estate fund manager GLL Real Estate, said sources with knowledge of the deal.

The partners bought the 701,535-square-foot Class A office building at 400 South Hope Street for roughly $470 a square foot. However, the deal included credits for free rents, which, if factored in, would lower that per-square-foot price, sources said. [more]