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8M-SF, 10-City Package Comes to Market

HOUSTON-National Office Partners has hit the streets in search of a buyer, buyers or JV partners for 13 class A properties, valued at $2.1 billion to $2.3 billion. The CalPERS-Hines partnership is churning the portfolio to amass capital for a buying spree.

By Jennifer Brenner Andrade | Updated on June 22, 2004

HOUSTON-A CalPERS-Hines partnership is scouting the market for a lock, stock and barrel buyer or joint venture players for 13 class A properties with 7.8 million sf in 10 US cities. The portfolio is valued at $2.1 billion to $2.3 billion.

With the latest offering, National Office Partners LP has brought to market all but two of its office holdings in a portfolio churning to amass capital for a buying spree, Daniel MacEachron, Hines’ senior vice president and the partnership’s portfolio manager, tells GlobeSt.com. The capital-raising strategy makes room for cherry-picking properties, both in outright sales or JV buy-ins. In the last 30 days, the partnership, which is 98% owned by CalPERS and the balance held by Hines, hung “for sale” signs on a 731,783-sf structure at 191 N. Wacker Dr. in Chicago and the 437,757-sf Overlook III in Atlanta.

In a press release, MacEachron says the objective is “a strategic repositioning … through a reduction in the portfolio size by a combination of dispositions and the formation of one or more joint ventures.”

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