Hines, the international real estate firm, announced today that it has acquired Watergate Office Towers, a 1.2 million-square-foot, five-building suburban office complex in Emeryville, Calif.
The value of the transaction was not disclosed.
The complex comprises four high-rise office buildings (Towers I, II, III and IV) and a free-standing Chevy’s restaurant. The development is located on a 22.4-acre tract alongside Interstate 80 on the eastern shores of the San Francisco Bay, less than one mile from the eastern terminus of the San Francisco-Oakland Bay Bridge.
Hines acquired Towers I, II, III and the Chevy’s restaurant on behalf of National Office Partners Limited Partnership (NOP), the firm’s joint venture with the California Public Employees’ Retirement System (CalPERS). Tower IV was acquired by a Hines affiliate, Hines Real Estate Investment Trust Inc.
The complex was more than 90 percent leased at the time of sale.