Before the sale, National Office Partners LP (NOP) owned the building. NOP is a partnership of the California Public Employees' Retirement System (CalPERS), a public pension fund; and Hines, an international real estate company.
The sale price equates to approximately $148.48 per sf for the building's 585,916 net rentable sf. As part of the sale, Hines has been retained as the project's property manager and leasing agent.
"Given the current capital markets and interest rate environments, the sale of Bank of America Tower was a well-timed disposition for National Office Partners," according to Michael Harrison, senior vice president of Hines. "Bank of America (Tower) will continue to be a key component of Hines' South Florida strategy."
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