Hines buys Charlotte, N.C., plaza

U.S. Core Office Fund holdings reach 22 properties

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The Atlanta office of Hines announced that a subsidiary of Hines-Sumisei U.S. Core Office Fund LP has acquired Charlotte Plaza in Charlotte, N.C., from an undisclosed seller. The value of the transaction was undisclosed. Charlotte Plaza is a 27-story, class A office tower located within the Overstreet Mall in the downtown submarket of Charlotte, N.C. Charlotte Plaza contains approximately 625,000 rentable square feet and was completed in 1981. The building was 98 percent occupied at the time of sale, with tenants including Wachovia, Grant Thornton, Hewitt Associates and Robert Half International. The Core Fund is an investment vehicle organized by Hines and Sumitomo Life Realty (N.Y.), Inc. to acquire a geographically diverse portfolio of core office buildings in the U.S. Hines represented the Core Fund in the transaction, and Hines will assume management and leasing responsibilities at the property. Including this acquisition, the Core Fund owns interests in a portfolio of 22 office p...