Search
 

Hines REIT Pays $67M for State-Leased Buildings

SACRAMENTO-The public company sponsored by Houston-based Hines Interests LP acquires 1515 S St. office complex, which consists of two five-story buildings containing approximately 349,000 sf that is 97.5% leased by the State of California.

By Brian K. Miller | Updated on November 03, 2005

SACRAMENTO-Hines REIT has acquired the 349,000-sf 1515 S St. office complex here from JB Management LP for about $67 million, or $190 per sf, according to an SEC filing Wednesday. The State of California leases all of the office space, or 340,169 sf.

The property is fully leased consists of two five-story buildings containing 349,000 sf of office and retail space, and parking for 750 vehicles in an adjacent eight-story parking garage. The buildings were completed in 1987 and are located within five blocks of the state capitol. Hines Interests will provide property management and leasing services.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.