Phoenix, Ariz. — Hines, the international real estate firm, announced today that a subsidiary of the firm’s U.S. Office Value Added Venture III closed on the sale of 24th at Camelback I in Phoenix to an affiliate of New York Life Real Estate Investors. Financial information related to the transaction was not disclosed. Hines was advised by CBRE and Fijan Advisors.
Designed by Pickard Chilton and completed in June 2000, the eight-story Class A office building consists of 302,209 square feet with approximately 3,667 square feet of ground floor restaurant space. Hines recently completed nearly $1 million in improvements to the 24th at Camelback campus as part of the firm’s continued commitment to ensure the property stays current with trends and responds to the needs of tenants. At the time of closing, 24th at Camelback I was 95 percent leased.
Hines Managing Director Rob Sims said, “Having acquired 24th at Camelback I in 2012, we have since fully executed our original investment strategy and positioned the property to benefit from the continuing strength of the Phoenix market. We are very proud of the performance we’ve been able to achieve.”
Hines Managing Director and City Leader Chris Anderson added, “Hines is very pleased with the successful outcome of this investment, which demonstrates that modern buildings in desirable locations will outperform the market and be attractive to both tenants and investors.”
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 201 cities in 24 countries. Hines has approximately $111 billion of assets under management, including $60 billion for which Hines provides fiduciary investment management services, and $51 billion for which Hines provides third-party property-level services. The firm has 108 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,295 properties, totaling over 422 million square feet. The firm’s current property and asset management portfolio includes 506 properties, representing over 210 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.