National Office Partners, a joint venture between the California State Employees' Retirement System and Houston-based real estate developer Hines, has acquired a three-building, 989,004-square-foot office complex as well as a seven-level parking garage from ING North America Insurance Corporation. Financial terms of the transaction were not disclosed but local press reports valued the deal at $120 million (€82 million).
“We think these properties are an outstanding investment opportunity due to the building quality, location and tightening downtown office market,” Hines vice president John McDermott said in a statement. Following the acquisition, Hines will manage and lease the property.
Located in Minneapolis’ central business district, the transaction includes: 100 Washington Avenue, a 22-story, 481,604-square-foot office building with a 420-space sublevel garage and 60 surface spaces; 20 Washington Avenue, home of ING’s corporate headquarters, a six-story, 148,163-square-foot office building featuring on-site parking; and 111 Washington Avenue, a 15-story, 359,237-square-foot building with off-site parking in the seven-level, 1,066-space Hennepin Avenue Parking Ramp.
National Office Partners was formed in 1998; its holdings encompass more than 6.4 million square feet of rentable space, valued at approximately $1.8 billion.