(EDITOR’S NOTE: Hines purchased the building and parking garage next door from CIM for $120,500,000, according to sources familiar with the details of the transaction. The transaction was completed by Newmark Grubb Frank Knight, and the lead on the deal was Grant Lammersen, Vice Chairman, Co-Head of Commercial Capital Markets Northern California who works out of the firm’s San Francisco office.)
(SACRAMENTO) – Hines, the international real estate firm, announced today that it has acquired Park Tower, a 25-story, Class A high-rise located in Sacramento.
Located at 980 9th Street, Park Tower is a 482,939-square-foot office building and includes an 800-stall attached structured parking garage, as well as the 350-stall parking garage at 1010 8th Street. Designed by Kaplan McLaughlin Diaz, Park Tower is considered to be among the finest quality trophy office towers in Downtown Sacramento.
The building offers tenants a premier full-service corporate environment, with an outstanding array of amenities and tenant services including: a dedicated conference facility, ground-floor retail and a high-quality fitness center.
Hines Senior Managing Director Cameron Falconer said, “We are excited to acquire this best-in-class office asset in a very desirable location. This building offers close proximity to the Golden 1 Center, dining venues and retail, public spaces and other area amenities.”
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 189 cities in 20 countries. Hines has approximately $96.5 billion of assets under management, including $48.5 billion for which Hines provides fiduciary investment management services, and $48 billion for which Hines provides third-party property-level services. The firm has 114 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,206 properties, totaling over 390 million square feet. The firm’s current property and asset management portfolio includes 533 properties, representing over 213 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.