CBRE WINS COMPETITIVE TENDER TO MANAGE 90 LONG ACRE
London / December 20, 2013
CBRE, the global property advisor, has been appointed by Northwood Investors LLC (“Northwood”) to manage 90 Long Acre, the 194,000 sq ft landmark office building in the heart of Covent Garden, London
CBRE won the competitive tender to manage the 8-storey building which occupies a 1.21 acre island site. 90 Long Acre provides Grade A office accommodation to a number of high profile occupiers and the building benefits from a double height reception, 12 private roof terraces and internal courtyard.
CBRE will be responsible for the day-to-day property management of the building and will work alongside Northwood and their appointed advisors to ensure its occupiers receive a first class service. Northwood is a privately held real estate firm that has raised approximately $3.6 billion of capital since inception in 2006 and is focused on investing in the US and European markets. 90 Long Acre is one of Northwood’s seven European investments and the second investment in London in addition to 20 Gracechurch Street, a 17-story Class A office building in the EC3 submarket, which Northwood acquired in January 2013. The third and most recent investment in London is Finsbury Dials, a 141,196 square foot office building in London’s financial district, which Northwood acquired in December 2013.
This adds to CBRE’s existing portfolio of Central London office properties including 88 Wood Street, CityPoint and Carnaby Street spanning 19.2 million sq ft in total. Additionally, the last quarter has seen CBRE appointed to manage the high profile properties of the Gherkin, the 505,000 sq ft a 40 storey skyscraper in Central London, and the Cube, a 500,000 sq ft mixed used development in Birmingham.
Khaled Kudsi, Senior Managing Director, at Northwood commented, “We appointed CBRE due to the experience they have of the central London market. In particular, they demonstrated in-depth knowledge of surrounding occupiers to the 90 Long Acre site which was a big pull for us. The property management expertise they will provide will be a core part of our ongoing real estate strategy at this site.”
David King, Chairman of Property and Asset Management UK at CBRE, said, “We took a collaborative approach to Northwood’s brief, pulling together our cross team capabilities to demonstrate our first class knowledge of the central London market. To be appointed is testament to this approach and we very much look forward to working with Northwood to meet its goals in the short and longer term.”
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 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 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.
About Northwood Investors LLC
Northwood Investors is a leading privately-held global real estate investment firm with approximately $4.0 billion of real estate assets. Founded in 2006 by John Z. Kukral, Northwood employs a fundamental, value-driven investment strategy with a longer-term outlook. Northwood has extensive experience investing in a wide range of real estate assets worldwide, including office buildings, shopping centers, hotels and residential investments, over multiple cycles and property types and geographies, providing the firm with a deep knowledge base, strong relationships, and tremendous access to global real estate resources.
For further information on Northwood Investors or if you wish to contact us, please visit our website: www.northwoodinvestors.com or contact Vivian Tongalson, Managing Director, at (212) 573-0815 or firstname.lastname@example.org.