June 26, 2017 Comments Off on Hines Acquires Sacramento’s Park Tower for $120M Views: 728 Bay Area, California News

Hines Acquires Sacramento’s Park Tower for $120M

Houston-based Hines acquired Park Tower, a 25-story, Class A high-rise located in Sacramento from Los Angeles-based CIM for $120M. The deal for the 482,939-square-foot office building includes an 800-stall attached structured parking garage, as well as the 350-stall parking garage at 1010 8th St.

Hines’ Cameron Falconer said, “We are excited to acquire this best-in-class office asset in a very desirable location. This building offers close proximity to the Golden 1 Center, dining venues and retail, public spaces and other area amenities.”

The trophy office tower, located at 980 Ninth St., was built in 1991, and is the fourth-tallest in the area. Among the tenants are Downtown Sacramento Partnership, Newmark Cornish & Carey and CIM Group. Ground-floor retail tenants include Starbucks, Golden Pacific Bank and Ancho Mexican Grill.

NKF’s Grant Lammersen handled the transaction.

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