CBRE Investment Management Acquires Prime Office Building in Birmingham
May 24, 2022
CBRE Investment Management, on behalf of West Midlands Pension Fund, has acquired 125 Colmore Row, a prime office building in Birmingham’s city centre.
125 Colmore Row comprises 150,000 sq ft of Grade A office accommodation spread across ground and eight upper storeys, as well as 66 basement car parking spaces over three levels. It has been occupied by Lloyds TSB Bank Plc since it was developed in 2001, with a lease in place until 2030.
The building occupies a prime corner site within Birmingham’s premier business district and is set to benefit from wider factors that are attracting businesses to the city, including the HS2 project and the Paradise city-centre regeneration scheme.
Michael Roult, Fund Manager at CBRE Investment Management, said: “With occupiers including PwC, HSBC and Goldman Sachs all having demonstrated their commitment to Birmingham, high-quality office buildings in the UK’s second city are a strong investment prospect. Further infrastructure improvements and regeneration projects are making the city even more attractive for businesses and employees, with more people moving from London to Birmingham than any other city.
“125 Colmore Row has strong fundamentals, with a great location, an attractive exterior and significant basement space. We see significant opportunities to enhance this asset further over the course of our ownership, updating the building and its facilities to match more closely the requirements of modern occupiers from a sustainability and wellness perspective.”
CBRE represented CBRE Investment Management; James Andrew International acted for the vendor.
About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $146.8 billion in assets under management* as of March 31, 2022, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.
CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2021 revenue). CBRE has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.