PRESS RELEASES

Hines and CalPERS Acquire Guaranty Bank Building in LoDo

10/29/07

(DENVER, CO) – The Denver office of Hines, the international real estate firm, announced today that it has acquired the Guaranty Bank Building in Lower Downtown Denver (LoDo).  It was acquired on behalf of National Office Partners Limited Partnership (NOP), Hines’ investment partnership with the California Public Employees' Retirement System (CalPERS), from Westfield Capital Partners, LLC.  The purchase price was not disclosed.  The 13-story, 220,287-square-foot office building is located at 1331 17th Street at the corner of 17th and Market streets, in close proximity to Coors Field, the Pepsi Center and LoDo’s many restaurants, shops and residential developments. 

David G. Tilton and Todd W. Alton of Frederick Ross Company represented the Seller, and Hines represented NOP in the transaction.  Hines will assume property management responsibilities, and Frederick Ross will continue in their leasing role.

Guaranty Bank Building was developed by Architect Bill L. Walters and Westfield Development Company, and was completed in 1983.  The Class A building is clad in black tinted spandrel and double-pane vision glass.  Beyond the building’s main entrance on 17th Street is an expansive lobby featuring granite tile floors and wood-paneled walls. Parking is provided in an attached nine-level structure (three below-grade levels and six above-grade levels) providing a total of 650 spaces.  The Guaranty Building’s irreplaceable location on the eastern edge of LoDo provides tenants and visitors with an unmatched combination of access via Interstate 25, breath-taking mountain views, excellent visibility, proximity to mass transportation (the Regional Transportation District Market Street Station for access to the citywide bus system and light rail is immediately adjacent), and a wide variety of amenities available in LoDo and the Central Platte Valley.

The office building is currently 99 percent leased to a prestigious roster of tenants including:  Guaranty Bank, Camp Dresser and McKee, David Evans & Associates, and Neidiger Tucker Bruner.

"The vibrant LoDo market continues to be the best submarket in Denver. We love the idea of acquiring not only a Class A building, but also of controlling a significant amount of parking in this part of downtown,” said Hines Senior Vice President Charles Elder.  “We’re also excited to expand our presence in LoDo, as we are currently developing the 1515 Wynkoop office building just blocks away.  This plants the Hines flag even more firmly in downtown Denver.”

“Guaranty Bank Building is an exceptional addition to the NOP portfolio,” said Dan Rashin, Hines’ senior vice president who heads the NOP partnership.  “We will continue to seek new development, value-add and existing-building investment opportunities in the area and across the country.”

National Office Partners was formed in 1998.  NOP assets are located in Chicago, Emeryville (CA), Houston, Palo Alto (CA), Salt Lake City, San Francisco, Silver Spring (MD), Wellesley (MA), Seattle (WA) and Austin (TX).  For further information on NOP, refer to www.noplp.com.

CalPERS is the nation’s largest public pension fund with assets totaling $255 billion, of which $20 billion is invested in real estate. The System provides retirement and health benefits to more than one million state and public employees and their families. For further information on CalPERS, please visit the System’s Web site at www.calpers.ca.gov.

Hines entered the Denver market in 1983 with the development of the 52-story Wells Fargo Center (aka the Cash Register building), and in 1999, the firm developed the 13-story 4600 South Syracuse building in the Denver Tech Center.  Hines is currently developing 1515 Wynkoop, an eight-story office building at the southwest corner of 15th and Wynkoop in the heart of LoDo.  In 2006, Hines acquired Mountain View Corporate Center in the Northwest submarket of Denver.  Hines is also known for several resort properties it developed in Colorado including: Aspen Highlands Village; River Valley Ranch in Carbondale; and Zephyr Mountain Lodge in Winter Park.

Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The Hines portfolio of projects underway, completed, acquired and managed for third parties includes more than 1,000 properties representing approximately 416 million square feet of office, residential, mixed-use, industrial, hotel, medical, retail and sports facilities, as well as large, master-planned communities and land developments.  With offices in 68 U.S. cities and 15 foreign countries, and controlled assets valued at approximately $19.9 billion, Hines is one of the largest real estate organizations in the world. Visit www.hines.com for more information.