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Hines REIT Contracts for Charlotte Office Towers

Charlotte Plaza, Carillon Bldg. Expected to Fetch $315.5 Million in Separate Deals
June 20, 2007
Hines REIT is under contract to add two significant assets in Charlotte's business district to its portfolio.

In separate deals, Hines REIT is buying Charlotte Plaza, a 27-story office building at 201 S. College St., and the Carillon building, a 24-story office tower at 227 W. Trade St., according to a filing with the SEC.

The deal for Charlotte Plaza is scheduled to close this week for $175.5 million, while the Carillon purchase is slated to close in early July for $140 million. Hines REIT, a subsidiary of Houston-based Hines Interests LP, is making the purchases on behalf of an indirect subsidiary of Hines-Sumisei U.S. Core Office Fund. Hines created the fund in 2003 to invest in long-term office holdings.

Charlotte Plaza was constructed in 1981 and totals more than 600,000 square feet. Wachovia Securities anchors the property, occupying 308,908 square feet under two leases set to expire in 2010 and 2013. The building is 99% leased.

The seller is CalSTRS, which acquired the property in 1999 for $89.25 million, according to CoStar information.

Hines is purchasing the 470,000-square-foot Carillon building and an adjacent half-acre parcel from Cornerstone Carillon LLC. The building was constructed in 1989 and is 99% leased, with anchor tenants Deloitte & Touche USA LLP and international law firm Cadwalader, Wickersham and Taft LLP occupying a combined 145,000 square feet.
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