Hines’ U.S. Office Value Added Fund acquired Two MacArthur Ridge, a 247,000-square-foot office building in Irving, Texas.
The value of the transaction was not disclosed.
The six-story property, completed in 1999, is located on a 7.5-acre site.
CalSTRS, or California State Teachers’ Retirement System, sold the property at 95 percent occupancy. Tenants at the time of sale included EMC Corp., La Quinta Inns and Usability Sciences Corp. This month, occupancy is expected to decrease to 33 percent with the anticipated relocation of EMC Corp.