February 21st, 2014, Beijing –CBRE Group, Inc. announced it has provided investment property consultancy services to China-based Greenland Group related to their purchase of the Metropolis, one of the most high-profile development sites in Downtown Los Angeles. Spanning an entire city block, the Metropolis site consists of five parcels of land and is entitled for approximately 1.65 million square feet of multi-family, hotel, office and retail space. A joint venture between IDS Real Estate Group and an institutional pension fund is the seller. The sale price was not disclosed.
Visible from the Harbor 110 Freeway, the 6.33-acre site extends along Francisco Street from 8th Street to James M. Wood Boulevard and is situated between the Convention Center/LA Live Entertainment District and the Financial District, anchored by the new under construction Wilshire Grand redevelopment, Metropolis lies at the heart of the proposed “Avenue of the Angels,” envisioned to be an open, pedestrian-oriented connector lined with popular cafes, restaurants and retail stores.
Groundbreaking for the project is expected to occur within the next 30 days, with phase one to include both hotel and condominium towers.
Noted as Greenland’s first acquisition in the US, this represents a meaningful step for Chinese developers investing in overseas markets, according to Ivan Poon, President of CBRE China.
“With the recovery of the US real estate market and a growing enthusiasm among Chinese investors to buy overseas real estate, Chinese developers are increasingly moving into this sector. We’re proud to have been selected by Greenland Group to support its go-global strategy. CBRE will continue its commitment to offer quality, value added services aligned with the business interests of China developers through our global expertise and local knowledge,” Mr. Poon said.
“Greenland Group will proactively leverage its reputation as well as its onshore and offshore capital to expand business overseas. CBRE has provided exceptional investment property service resting on their strong local and regional presence. We’re very grateful for CBRE’s assistance in this transaction and appreciate the professional services delivered by CBRE service team,” said Yuliang Zhang, Chairman and CEO of Greenland Group.
The CBRE team responsible for this assignment mainly includes Mark Suchy, Director, Investment Properties, CBRE China and Danny Zhang, Senior Manager, Investment Properties, CBRE China, who spent nearly one year communicating with the buyer and seller, working and following up on a series of arrangements and finally contributed to the closing of the deal in Jan 2014. The transaction was a successful collaboration between CBRE’s China and Los Angeles office and a testimonial of CBRE’s global platform and local knowledge.
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 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 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.
