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| Hines acquires five-property portfolio in Emeryville, CA Hines, the international real estate firm, has acquired Watergate Office Towers, a 1.2 million-square-foot, five-building suburban office complex in Emeryville, CA. The complex comprises four high-rise office buildings (Towers I, II, III and IV) and a free-standing Chevy's restaurant. The development is located on a 22.4-acre tract alongside Interstate 80 on the eastern shores of the San Francisco Bay, less than one mile from the eastern terminus of the San Francisco-Oakland Bay Bridge. Hines acquired Towers I, II, III and the Chevy’s restaurant on behalf of National Office Partners Limited Partnership (NOP), the firm’s joint venture with the California Public Employees’ Retirement System (CalPERS). Tower IV was acquired by a Hines affiliate, Hines Real Estate Investment Trust, Inc. (Hines REIT). Eastdil Secured represented the seller in the transaction, while Hines represented themselves and Hines REIT. The complex is over 90 percent leased. Hines will lease and manage the properties. write your comments about the article :: © 2006 Construction News :: home page |