CBRE Global Investors has bought a California office asset for a fund.
The manager is to upgrade the California Plaza building, in Walnut Creek, to include conference amenities.
Vance Maddocks, CIO at CBRE Global Investors Americas, said: “California Plaza is a great fit for our investment plan to acquire transit-oriented, quality real estate in premier infill suburban sub-markets.”
The 394,123 sqft building was previously owned by Tishman Speyer, according to media reports.
Tishman Speyer paid former owner Heitman around $100m for the asset in 2014.
CBRE GI said the property is near the I-680 Freeway and views of Mount Diablo.