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| Hines, CalPERS buy BankBoston building in São Paulo The São Paulo office of Hines, the international real estate firm, announced that it has acquired the BankBoston building located in the Marginal Pinheiros submarket of São Paulo, Brazil. The property was purchased on behalf of the Hines Calpers Brazil II (HCB II) fund from Banco Itaú, which recently acquired BankBoston's banking operations in Brazil. Designed by the renowned architectural firm Skidmore, Owings & Merrill LLP and Brazilian architect Julio Neves, and completed in 2002, the 29-story, 409,000-square-foot (38,000-square-meter) building is largely considered an architectural landmark in São Paulo and also throughout Latin America. The HCB II Fund is an investment vehicle organized by Hines and the California Public Employees' Retirement System (CalPERS) to invest primarily in Brazil's office, industrial and residential markets, with the option of extending its reach to Argentina and Chile. CalPERS is the nation's largest public pension fund with assets totaling $249 billion, of which $19 billion is invested in real estate. write your comments about the article :: © 2007 Construction News :: home page |