November 15, 2016
Houston-based Hines Real Estate Investment Trust Inc. divested Wells Fargo Center in Sacramento, CA to an undisclosed buyer for $175.6 million. The 30-story office building is the tallest in the market, and will continue to be managed by Hines.
The more than 500,000-square-foot asset was acquired by Hines in 2007 on behalf of its Core Fund from New York-based Blackstone Group LP, as part of a $760 million portfolio acquisition.
Built in 1992, the property is located at 400 Capitol Mall, near the just-opened Golden 1 Center in Sacramento’s Central Business District.
Eastdil Secured handled the transaction on behalf of Hines.
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