Hines buys Renaissance Square

Holdings in firm's U.S. Core Office Fund hit 24

A joint venture has sold the 965,508-square-foot Renaissance Square in Phoenix, Ariz., to a subsidiary of Hines for an undisclosed price. The Pauls Corp. and GE Asset Management together inked a contract to sell the two-building office complex to Hines' U.S. Core Office Fund LP. The Core Fund is an investment vehicle organized to acquire a geographically diverse portfolio of core office buildings nationwide. The property is located in the heart of Phoenix's central business district on a full city block bounded by Adams, Central and Washington streets and 1st Avenue. The buildings, which are clad in red granite, are connected by a pedestrian sky bridge. The 492,116-square-foot One Renaissance Square is 25 stories tall. Parking is provided in a five-level, 606-space subterranean garage adjacent to the building. Two Renaissance Square contains 473,392 square feet, and is 27 stories tall. Parking is provided in a six-level, 1,090-space subterranean garage. One and Two Renaissa...