CB Richard Ellis Represents Seller in the Sale of Dupont Centre, Irvine, CA
April 2, 2004 - Irvine, CA
CB Richard Ellis is pleased to announce the completion of the sale of Dupont Centre in Irvine , CA from a partnership of USAA Real Estate Company and Prudential Real Estate Investors to Crescent Real Estate Equities Company. The seller was represented by Robert Smith, Michael Kane and Dean Chandler of CB Richard Ellis’ Newport Beach office. Terms were not disclosed.
Dupont Centre is an institutionally-maintained and operated Class “A” office complex in a campus setting consisting of a total of 250,782 rentable square feet in two office towers of five and eight stories with a shared four-story parking structure. Located in the highly desirable John Wayne Airport submarket of Orange County, both buildings boast timeless brick and reflective glass architecture with a large central plaza and open-air brick trellis system rising in stages at the entrance of each building.
USAA Real Estate Company has more than $3.0 billion in assets under management and provides acquisition, build-to-suit and development services for corporate and institutional investors. The USAA portfolio consists of office, industrial and hotel properties as well as investments in real estate operating companies. USAA, the parent company of USAA Real Estate Company, is one of America ’s leading insurance and financial services companies and has provided insurance and financial services to the U.S. military community and their families since 1922. Headquartered in San Antonio, TX, USAA owns and manages more than $74 billion in assets.
Prudential Real Estate Investors (PREI) is the real estate investment management business of Prudential Financial, Inc. PREI’s specialized operating units offer a broad range of investment opportunities and investment management services in the United States, Europe, Asia and Latin America. As of December 31, 2003, PREI managed $21.8 billion of gross assets ($14.8 billion net) on behalf of more than 400 clients and is ranked among the largest real estate investment managers. For more information, please visit www.prudential.com/prei.
Crescent Real Estate Equities Company (NYSE: CEI) is one of the largest publicly held real estate investment trusts in the nation. Through its subsidiaries and partners, Crescent owns and manages a portfolio of more than 75 premier office buildings with more than 30 million square feet of rentable space. Their office holdings are centered in the Southwest, with major concentrations in Dallas, Houston, Austin, Denver, Miami, and Las Vegas. For more information, please visit the company’s website at www.crescent.com.
Headquartered in Los Angeles, CB Richard Ellis is the world’s leading commercial real estate services firm. With approximately 14,000 employees, the company serves real estate owners, investors and occupiers through more than 250 offices worldwide. The company’s core services include property sales, leasing and management; corporate services; facilities and project management; mortgage banking; investment management; capital markets; appraisal and valuation; research; and consulting. For more information, visit the company’s Web site at www.cbre.com.