LOS ANGELES--(BUSINESS WIRE)--Jan. 24, 2003--CB Richard Ellis Investors, LLC, has completed the purchase of three office buildings from Metropolitan Life Insurance Co. for approximately $240 million.
The properties are: One Meadowlands Plaza, a 420,000 square foot office building in East Rutherford, N.J; 101 Arch Street, a 406,000 square foot building in Boston; and Century Centre, a 448,000 square foot, two-building office complex in Irvine, CA.
One Meadowlands Plaza, built in 1986, is approximately 87% occupied and tenants include MCI Worldcom and P&O Containers. The 15-story building includes an adjacent five-story parking garage, and is located near Giants Stadium, home of the NY Giants and NY Jets NFL franchises. 101 Arch Street, built in 1988, is 96% leased, and Lend Lease Real Estate is its major tenant. Century Centre, constructed between 1986 and 1988, is 75% leased and its major tenant is Federal Express.
The properties were acquired by CB Richard Ellis Investors for its Strategic Partners II fund, a value added fund geared to purchase, reposition, develop and sell institutional quality real estate assets in the United States. Strategic Partners II closed to new investment in December 2001, and completed over $700 million of new investments in 2002.
"The overriding goal of the fund is provide superior risk-adjusted returns to our investors by selectively acquiring high quality assets with leasing exposure and repositioning them as the markets recover," said Vance Maddocks, President of the General Partner for the Fund. "These assets fit perfectly into that strategy as well as into the existing portfolio held by Strategic Partners II."
About CB Richard Ellis Investors, L.L.C.:
CB Richard Ellis Investors, L.L.C., a Los Angeles-based real estate investment management firm with $11.4 billion in assets under management, sponsors investment programs in the U.S., Europe and Asia for institutional investors worldwide. As an independently managed subsidiary of CB Richard Ellis, CB Richard Ellis Investors harnesses the research, investment sourcing, and other resources of the world's leading real estate services organization for the benefit of its investor clients and partners. CB Richard Ellis operates in 47 countries, with approximately 10,000 employees in more than 250 offices. For more information about CB Richard Ellis Investors visit www.cbreinvestors.com.