Hines, CalPERS partner in Texas

Buy 22-story highrise

International real estate firm Hines and the California Public Employees' Retirement System (CalPERS) recently purchased a 22-story office tower in Austin, Texas, for an undisclosed amount. The 418,338-square-foot building, located at Congress and E. 3rd Street, was sold by a joint venture between Crescent Real Estate Equities Co. and Aetna. Parking is provided in a nine-level attached garage -- four levels below-grade parking and five levels above-grade. The office building was 84.7 percent leased at the time of sale to tenants that included AIM Management, A.G. Edward & Sons Inc., BearingPoint Inc., Citigroup, Guaranty Bank and RBC Dain Rauscher. ...