The São Paulo office of Hines announced today that it has acquired the BankBoston building located in the Marginal Pinheiros submarket of São Paulo, Brazil. The property was purchased on behalf of the Hines Calpers Brazil II (HCB II) fund from Banco Itaú, which recently acquired BankBoston's banking operations in Brazil. The asset was sold vacant, and Hines Brazil has already initiated leasing efforts.
Designed by the renowned architectural firm Skidmore, Owings & Merrill LLP and Brazilian architect Julio Neves, and completed in 2002, the 29-story, 38,000-m² building is largely considered an architectural landmark in São Paulo and also throughout Latin America. Its striking architectural elements include the use of curved glass around its landscaped garden, and a bold façade which features granite, modern glazing and stainless steel.
Hines entered the Brazilian real estate market in 1998. Since then the firm has developed more than 1,086,000 m² of premier office, industrial and residential space in the country, and currently manages 885,000 m² there. Hines has operations in six markets throughout Brazil, including São Paulo, Louveira and Embú (suburban São Paulo), Rio de Janeiro, Curitiba and Campinas.
The HCB II Fund is an investment vehicle organized by Hines and the California Public Employees' Retirement System (CalPERS) to invest primarily in Brazil's office, industrial and residential markets, with the option of extending its reach to Argentina and Chile.