CBRE Sells Downtown LA HQ For $330M
CBRE Global Investors sold CBRE's global HQ at 400 S Hope St in downtown LA to a JV between GLL RE Partners and PNC Financial Services.
CBRE occupied the top two floors of the 700k SF building. It also debuted its Workplace360 office model there.
The deal's terms were not disclosed, but the property was purchased for $330M, according to GlobeSt.
There were reportedly multiple offers for the office building, which the investor bought four years ago for $235M.
CBRE’s Todd Doney, John Zanetos and Michael Longo, along with Newmark Grubb Knight Frank's Kevin Shannon, Ken White, Michael Moll and Rob Hannan repped CBRE.
CBRE's Val Achtemeier and Brad Zampa of debt and structured finance/capital markets arranged the financing on behalf of the buyer.
The debt team secured a seven-year, $157M loan through Wells Fargo Bank. [GS]
