Hines, Calpers Close in on $100 Mil Acquisition Deal for 1900 K St.

WASHINGTON, DC-A partnership of Hines and Calpers is close to buying a 13-story building at 1900 K St. NW here. National Office Properties has gone hard on its offer, which is just short of the $400 per sf mark, according to an official familiar with the negotiations for the property.

That would put the purchase price at something close to $136 million. The seller is the Dutch pension fund PVF, which is selling the 340,000-sf building as part of a long-term strategy for its US portfolio. The building, with 336,000-sf of rentable space, is fully leased to a mix of professional firms and corporations.

“The dollar is very strong vis-à-vis the Euro. And it’s a good time to sell the asset, if you’re looking to sell in a given time frame,” the official says.