Principal Real Estate Investors Acquires Five Office Buildings in Southern California
November 6, 2006 (Des Moines, Iowa) — Principal Real Estate Investors, the real estate investment group of Principal Global Investors, has acquired five Class A office buildings in Cerritos, Calif. Developed in stages from 1989 to 1998, the five office buildings make up the Cerritos Towne Center. Principal Global Investors is a diversified asset management organization with world-class investment expertise in fixed income, equities and real estate.
"We are excited to expand our portfolio with this purchase," said Mark Hanrahan, managing director for Principal Real Estate Investors. "The acquisition of this property, which is located next to a network of highways that provide access to communities across Los Angeles and Orange Counties, is consistent with our strategy to buy centrally located, high quality office buildings."
The Cerritos Towne Center, composed of two seven-story multi-tenanted towers and three two-story single-tenanted buildings, offers 461,794 square feet of rentable space. Currently 94 percent leased, major tenants include Delta Dental, AON Service Corporation and Rudd & Romo.
Bill Palmer with the Palmer Team based in Sacramento, Calif., brokered this transaction.
About Principal Real Estate Investors
Principal Real Estate Investors is the fourth largest institutional real estate manager in the United States based on tax-exempt assets under management1 and manages or subadvises $36.2 billion in commercial real estate assets. The firm's real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors.
About Principal Global Investors
Principal Global Investors is a diversified asset management organization and a member of the Principal Financial Group®, with expertise in equities, fixed income and real estate investments, as well as specialized overlay and advisory services. Principal Global Investors manages $176.6 billion in assets primarily for retirement plans and other institutional clients.2
About The Principal Financial Group
The Principal Financial Group® (The Principal®)3 is a leader in offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement and investment services, life and health insurance and banking through its diverse family of financial services companies and national network of financial professionals. A member of the Fortune 500, the Principal Financial Group has $215 billion in assets under management4 and serves some 16.4 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit www.principal.com.
1) As of June 30, 2006. Pensions & Investments magazine annual survey of real estate managers, Oct. 16, 2006.
2) As of Sept. 30, 2006. Principal Global Investors is the asset management arm of the Principal Financial Group® (The Principal®), and includes the global asset management operations of the following members of The Principal Financial Group: Principal Global Investors, LLC, its U.S. and foreign advisory affiliates, and the asset management operations of Principal International, Inc. and its member companies.
3) "The Principal Financial Group" and "The Principal" are registered service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.
4) As of Sept. 30, 2006.
