Hines has announced that Hines Real Estate Investment Trust, Inc. (Hines REIT) has acquired the 1515 S Street office project from JB Management L.P. This is Hines REIT's most recent acquisition as it continues to assemble a diversified portfolio of high-quality office properties.
The project, consisting of two five-story buildings containing approximately 350,000 ft² of office and retail space, is located in downtown Sacramento just five blocks from the Capitol. Designed by Dreyfuss & Blackford, 1515 S Street was completed in 1987. Parking for more than 750 cars is provided in an adjacent eight-story garage.
The office portion of the project is currently 100 percent leased to the State of California and houses two of its agencies.
"We believe that 1515 S Street is an excellent acquisition for our portfolio due to its tenancy and accessibility," said Charles Hazen, president of Hines REIT.
Hines will provide property management and leasing services on behalf of Hines REIT.
"Hines is pleased to execute this acquisition in an office market that is historically very stable and poised for strong future growth," said Cameron Falconer, the Hines officer responsible for the Sacramento area. "Sacramento is a strategic market for us. Hines plans to continue to expand its presence in the area through the acquisition and development of well-located office properties."