May 20, 2016
By: Daniella Soloway
CBRE Group Inc. has reportedly sold its headquarters at 400 S. Hope St. in downtown Los Angeles to a joint partnership between Munich-based GLL Real Estate Partners and PNC Realty Investors. Although the sales price was not disclosed, sources say the 700,000-square-foot building, embellished with CBRE’s name, went for $330 million.
In 2012, CBRE Global Investors purchased the building for $236 million with the intent to sell it when the time was right. In that time, CBRE boosted the occupancy to 93% (from 80%) with the addition of two restaurants and renovations.
Built in 1982, the 26-story tower will still remain the home of CBRE. NGKF’s Kevin Shannon and CBRE brokers represented the buyers. CBRE’s Los Angeles President Lew Horne said, “The entire globe feels like L.A. is a very good value.”