Hines, CalPERS partner in Texas

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.

All rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.