Concord – April 14, 2015 – CBRE announced today the acquisition of 1001 Galaxy Way, a Class A, 77,000-square-foot office building located in Concord, California. Glendale-based American Realty Advisors on behalf of UFCW-Northern California Joint Pension Plan, purchased the asset, which was 30 percent leased at the time of sale. With the acquisition of this building, the Pension Plan now owns both buildings of the two-building campus.
“The acquisition of the Galaxy Way building was a strategic play in order to control the entire site and provides the Pension Plan space flexibility for its administrative, benefit plans, and other offices, as well as long-term revenue growth potential,” said Jeff Birnbaum, First Vice President, CBRE.
The office campus features a park-like courtyard complete with shaded walkways, benches, fountains and an impressive pond. The location is adjacent to the freeway and close to restaurants and other retail amenities. There are significant improvements planned for the building, which the Pension Plan believes will result in a strong, positive impact on marketing and leasing efforts.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.