A joint venture has sold the 965,508-square-foot Renaissance Square in Phoenix, Ariz., to a subsidiary of Hines for an undisclosed price.
The Pauls Corp. and GE Asset Management together inked a contract to sell the two-building office complex to Hines’ U.S. Core Office Fund LP. The Core Fund is an investment vehicle organized to acquire a geographically diverse portfolio of core office buildings nationwide.
The property is located in the heart of Phoenix’s central business district on a full city block bounded by Adams, Central and Washington streets and 1st Avenue. The buildings, which are clad in red granite, are connected by a pedestrian sky bridge. The 492,116-square-foot One Renaissance Square is 25 stories tall. Parking is provided in a five-level, 606-space subterranean garage adjacent to the building. Two Renaissance Square contains 473,392 square feet, and is 27 stories tall. Parking is provided in a six-level, 1,090-space subterranean garage. One and Two Renaissance Square were completed in 1987 and 1989, respectively.
At the time of sale, the assets were 95 percent leased to tenants that included Quarles & Brady Streich Lang LLP; Bryan Cave LLP; Ernst & Young; US LLP; Lewis & Roca LLP; Squire Sanders & Dempsey LLP; and the GSA.
Including this acquisition, the Core Fund owns interests in a portfolio of 24 office properties throughout the U.S. consisting of approximately 13.4 million square feet of rentable area.
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