{"id":1004181942,"date":"2017-06-26T05:31:01","date_gmt":"2017-06-26T13:31:01","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004181942"},"modified":"2022-12-08T13:52:02","modified_gmt":"2022-12-08T21:52:02","slug":"hines-nabs-sacramento-office-tower-in-120m-deal","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hines-nabs-sacramento-office-tower-in-120m-deal\/","title":{"rendered":"Hines Nabs Sacramento Office Tower in $120M Deal"},"content":{"rendered":"<p>By Barbra Murray, Contributing Editor<\/p>\n<div id=\"attachment_1004181960\" style=\"width: 393px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Park-Tower-Sacramento-courtesy-of-Hines.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004181960\" data-attachment-id=\"1004181960\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/hines-nabs-sacramento-office-tower-in-120m-deal\/park-tower-sacramento-courtesy-of-hines\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Park-Tower-Sacramento-courtesy-of-Hines.jpg\" data-orig-size=\"800,600\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;8&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;NIKON D300&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1248459925&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;18&quot;,&quot;iso&quot;:&quot;200&quot;,&quot;shutter_speed&quot;:&quot;0.002&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Park Tower, Sacramento\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Park Tower, Sacramento&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Park-Tower-Sacramento-courtesy-of-Hines.jpg?w=800\" class=\"wp-image-1004181960 \" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Park-Tower-Sacramento-courtesy-of-Hines.jpg\" alt=\"Park Tower, Sacramento\" width=\"383\" height=\"287\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Park-Tower-Sacramento-courtesy-of-Hines.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Park-Tower-Sacramento-courtesy-of-Hines.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Park-Tower-Sacramento-courtesy-of-Hines.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 383px) 100vw, 383px\" \/><\/a><p id=\"caption-attachment-1004181960\" class=\"wp-caption-text\">Park Tower, Sacramento<\/p><\/div>\n<p>Hines recently snapped up Park Tower, a trophy office property in Sacramento. The company purchased the asset from CIM Group in a transaction valued at, according to the <em>Sacramento Business Journal<\/em>, $120.5 million.<\/p>\n<p>The 25-story Park Tower, as Cameron Falconer, senior managing director with Hines, said in a prepared statement, is <em>\u201ca best-in-class office asset in a very desirable location.\u201d<\/em>\u00a0 The transaction included not just the Kaplan McLaughlin Diaz-designed downtown office building at 980 9th St., which opened in 1991, but the attached 800-space parking structure and the 350-space parking facility at 1010 8th St., as well.<\/p>\n<h2>Property History and Tenants<\/h2>\n<p>The office building and accompanying parking facilities last changed hands in 2009 when CIM purchased it from TIAA-CREF for $97 million, as noted in a property appraisal report by Integra Realty Resources. In 2005, it traded for $159 million, when TIAA-CREF acquired it from Shorenstein.<\/p>\n<p>Today, Park Tower is home to the likes of the California Department of Managed Health Care, Deloitte, flexible workspace solutions provider Regus and the Sacramento County Employees&#8217; Retirement System, and it also features Starbuck\u2019s as a ground-level retail tenant.<\/p>\n<p>Park Tower marks Hines\u2019 second acquisition announcement this month. In a joint venture with European real estate investment platform Henderson Park, the international real estate firm made its entr\u00e9e into the <a href=\"https:\/\/www.commercialsearch.com\/news\/hines-henderson-park-enter-hotel-market-in-greece\/\">Greek hospitality market<\/a> with the purchase of the 315-room Athens Ledra Hotel in Athens for \u20ac33 million, or approximately $36.9 million. And June isn\u2019t over just yet.<\/p>\n<p><em>Image courtesy of Hines<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The transaction included not just the Kaplan McLaughlin Diaz-designed downtown building, but the attached 800-space parking structure and the 350-space parking facility as well.<\/p>\n","protected":false},"author":969,"featured_media":1004181960,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,21742,21747,36080,15],"tags":[36404,33194,32797],"class_list":["post-1004181942","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-latest","category-office","category-sacramento","category-west","tag-cameron-falconer","tag-cim-group","tag-hines"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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