CBRE Also Places Acquisition Financing with New York-Based Lender

CBRE today announced the sale of Axalta’s Global Innovation Center located at 1050 Constitution Avenue in Philadelphia’s Navy Yard. Apex Capital Investments, a U.S.-based real estate investment management firm and a subsidiary of Kuwaiti-based Dimah Capital, acquired the asset for $61.2 million.

Robert Fahey, Jerry Kranzel, Erin Hannan and Jack Corcoran of CBRE Capital Markets’ Institutional Properties team marketed the property on behalf of the seller, Liberty Property Trust. Additionally, CBRE Debt & Structured Finance team members Nick Harris and Steven Doherty financed the deal and secured the funding on behalf of the buyer.

“The Axalta transaction is a continuation of Liberty Property Trust’s phenomenal success in the Navy Yard,” said CBRE Executive Vice President Robert Fahey. “Axalta is another example of foreign capital pursuing best-in-class real estate investments in the life sciences sector. It was a pleasure to work with Dimah Capital and we wish them well in the Philadelphia region and with this award-winning asset.”

Newly built in 2017, the 175,000 sq. ft. office building serves as Axalta’s Global Innovation Center, a state-of-the-art research and development facility for the company’s coating products. Axalta’s long-term lease at the property expires in the fall of 2037.

1050 Constitution Avenue is located within the Philadelphia Navy Yard complex, one of the premier business parks in the Northeastern United States. A master-planned, 1,200-acre urban waterfrontdevelopment located along the Delaware River, the office complex sits just east of the Philadelphia International Airport and Interstate 95.

The Navy Yard is an invigorating workplace for the 21st century and serves as home to more than13,500 employees and 165 companies in the life sciences, financial services, engineering, retailing, manufacturing and research and development sectors.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.