Hines, CalPERS acquire class A building

Property comprises 15-plus acres

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Hines, an international real estate firm, in partnership with the California Public Employees' Retirement System, has acquired a 270,000-square-foot office building in Wellesley, Mass. The value of the transaction was not disclosed. The joint venture purchased the property, Wellesley Gateway, from a partnership of The Druker Co. Ltd. and Boylston Properties Co. Situated on a 15.7-acre site, Wellesley Gateway is located 12 miles west of Boston. The four-story, class A building was completed in 2000. Designed by Elkus/Manfredi Architects, Wellesley Gateway is clad in red brick and features a two-story glass and aluminum atrium. Amenities include a full-service cafeteria, employee fitness center, coffee shop and surface and structured parking for 1,114 cars. Wellesley Gateway was fully leased at the time of sale to Harvard Pilgrim Health Care. CalPERS is a public pension fund with assets totaling $177 billion, of which $12 billion is invested in real estate. The system provides retireme...