CBRE Global Investors’ eighth value-added US real estate fund has acquired a 345,000sqft office building in California for $171m (€146.2m).

The real estate investment manager announced that CBRE Strategic Partners US Value 8 fund has acquired 2100 Powell, a 16-story building in Emeryville for an undisclosed sum.

Sources with direct knowledge of the transaction told IPE Real Assets that the manager paid $171m to buy the asset from Blackstone.

Blackstone and the listing agent Eastdil Secured both denied a request for comment.

Robert Perry, the new head of the CBRE Strategic Partners US fund series, said: “With its robust economic growth and a lower overall cost of living compared to San Francisco, the Oakland metro is a focus market for this fund.

”And with its concentration of high-quality office space, plentiful retail and residential amenities, the Emeryville submarket is considered one of the Bay Area’s premier addresses for technology, healthcare, life science and professional service tenants.”

When the property was put on the market for sale earlier this year, the complex was 98% occupied.