The Hines Suburban Office Venture (HSOV), a partnership between Hines and GE Real Estate, purchased 2345 Grand, a two-building complex in Kansas City, Mo.
The value of the transaction was not disclosed.
The project consists of two buildings–a 28-story tower and an adjoining four-story office building. The pair, which totals 528,000 square feet, was purchased from Shorenstein Co. LLC and IBM.
Designed by legendary architect Mies van der Rohe, 2345 Grand was developed in 1975 by the sellers of the property. The office tower features a two-story lobby clad in travertine, terrazzo and bronze, and a 60,000-square-foot plaza surrounds the project.
Hines plans to increase the value of this asset through a renovation of the plaza, an upgrade of the main-building lobby and an aggressive leasing campaign. 2345 Grand was 84 percent leased at the time of sale.
Stamford, Conn.-based GE Real Estate is a business unit of GE Commercial Finance.
Hines is a privately owned real estate firm involved in developing, acquiring, leasing and managing real estate, as well as providing extensive global investment management and advisory services.