Hines Announces The Acquisition Of NationsBank Tower In Miami
Transaction Marks Fifth Acquisition of Hines/CalPERS Joint Venture
HOUSTON, TEXAS - Hines, the international real estate firm, announced today that on behalf of the National Office Partners Limited Partnership, a joint venture between the California Public Employees'Retirement System (CalPERS) and Hines, it has acquired NationsBank Tower in Miami, Florida, from Miami Tower Associates Limited Partnership and Miami Retail Associates Limited Partnership. NationsBank Tower is a 586,000-square-foot 47-story Class-A office building located above an incorporated 10-story garage in downtown Miami. The property was developed in 1987 and designed by I.M. Pei. The property is currently 90% leased to 52 tenants.
National Office Partners was formed in July 1998 to maximize the value of a portion of CalPERS'existing office portfolio as well as to add new investments to the portfolio through acquisition and development. NationsBank Tower is the fifth office building acquisition made by National Office Partners during the past seven months bringing the portfolio size to 6.9 million square feet in 26 buildings across the United States, totaling over $1.2 billion in value.
"We are very pleased to be acquiring one of Miami´ s landmark office buildings for the National Office Partners' portfolio," said Michael Harrison, Hines'vice president in charge of development in Florida. " This transaction demonstrates Hines'ongoing commitment to South Florida."
Based in Houston, Texas, Hines controls a real estate portfolio that includes more than 540 properties representing more than 175 million square feet of office, mixed-use, industrial, retail and residential properties as well as large master-planned communities and land developments. Hines' real estate portfolio is valued in excess of nine billion dollars.
Hines is a privately owned firm involved in developing, managing and acquiring real estate as well as providing a wide range of advisory services. Hines has been active in the Miami market since 1982. The firm developed downtown Miami's tallest building, First Union Financial Center, and has actively been pursuing additional development and acquisition opportunities in the South Florida area. Hines is also developing a new 1,500-acre, master-planned community in Jacksonville.
CalPERS is the nation's largest public pension fund with assets totaling more than $150 billion. The System provides retirement and health benefits to more than one million state and public employees and their families.