National Office Partners Limited (NOP), a joint venture between office developer Hines and thePublic Employees’ Retirement Fund (CalPERS), has announced plans to bring an office portfolio of 13 properties totaling 10 million sq. ft. to market in the third quarter of 2004. A bid date will be set in September, according to Hines. The purpose is to either sell the properties outright or solicit interest in the creation of a joint venture.
"The objective of this initiative is a strategic repositioning of the portfolio through a reduction in the portfolio size by a combination of dispositions and the formation of one or more joint ventures," said Daniel MacEachron, Hines senior vice president and NOP portfolio manager. "NOP will continue to actively seek newopportunities even as we conduct the marketing process for the existing portfolio."
The biggest single property being offered is 1100 Louisiana, a 1.3 million sq. ft. office building located in Houston. By comparison, the smallest is the 131,633 sq. ft. 55 Railroad Avenue in Greenwich, Conn.