The venture, called Hines Corporate Properties II (HCP II), capitalized with $500 million of equity, will develop, acquire, own and manage buildings primarily occupied by single-tenant users.
According to the announcement, the venture will follow a similar strategy as the Hines Corporate Properties I, which was executed from 1997-2004 by the same venture partners. HCP I developed six built-to-suit office projects and acquired three single-tenant buildings resulting in a portfolio of approximately three million square feet.
Hines Corporate Properties II will contract with the Hines firm to provide a full range of real estate services including site selection, development management, conceptual construction, construction management, property management and operations.The New York State Common Retirement Fund provides benefits for more than one million active and retired state and local government employees, police officers and firefighters. With approximately $146.5 billion of assets under management, it is the third largest public pension plan in the U.S.
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