(PHOENIX) – The Phoenix office of Hines, the international real estate firm, announced today that the Hines U.S. Office Value Added Venture III (VAV III) has acquired its first investment, 24th at Camelback I, from GLL Real Estate Partners, who has owned the property since 2006. Financials were not disclosed.
Designed by Pickard Chilton and completed in 2000, 24th at Camelback I is a 302,209-square-foot Class A office tower, including approximately 27,209 square feet of ground floor retail/restaurant space.
Hines developed the eight-story property on 8.5 acres located at 24th Street and Camelback Road in Phoenix’s Camelback Corridor submarket, and has managed the building since inception.
24th at Camelback I has received LEED® Gold designation, nine ENERGY STAR® labels, and was awarded the TOBY Award in 2011 for BOMA’s Greater Phoenix Office Building of the Year.
According to Senior Managing Director and fund manager Dave Congdon, “We are very pleased with the acquisition of such a high-quality building in Phoenix’s Camelback Corridor.
This asset is well positioned to capitalize on the continued recovery in the Greater Phoenix market.”
Hines Managing Director Travis Overall added, “The Camelback corridor is a premier office location in Phoenix, and this acquisition capitalizes on the strength of the Hines firm: strong local teams of real estate experts in key markets who have long track records of buying, developing, leasing and operating office projects.”
“We are very pleased with our investment experience with this asset,” said GLL’s Christopher Quiett.
“I think we had a significant impact on both the building and in operations during our stewardship, and we anticipate that companies located at 24th at Camelback will see even more positive impacts under Hines’ ownership. They are an excellent company.”
The Hines U.S. Office Value Added Venture III closed in August 2012 and is capitalized with $210 million of equity for more than $600 million of total leveraged capacity in the U.S. office sector. VAV III targets investments through which the firm can create value through leasing, management or redevelopment activities.
About GLL Real Estate Partners
GLL Real Estate Partners is an institutional real estate investment advisor headquartered in Munich, Germany. GLL was founded in 2000 and has over $6 billion of assets under management in Europe, Latin America and the U.S. on behalf of its client base through strategic funds and separate accounts. The company has invested over $2 billion in core commercial properties in major U.S. markets.
GLL¹s U.S. offices are located in Orlando and San Francisco with 25 professionals overseeing transactions, asset management and accounting. www.gll-partners.com.