Wednesday, January 9, 2013

New Hines Fund Closes on First Acquisition

National Commercial Real Estate News From CoStar Group

New Hines Fund Closes on First Acquisition

International real estate firm Hines has acquired its first investment through the new Hines US Office Value Added Venture III (VAV III) -- the 24th at Camelback I, located at 2375 E. Camelback Rd. in Phoenix, AZ -- from GLL Real Estate Partners for an undisclosed price.

The eight-story, 302,209-square-foot, class A office tower was designed by Pickard Chilton and developed by Hines in 2000. Hines sold the asset in late 2005 for $107 million,...

RFR Acquires Y&R Headquarters At 285 Madison

RFR Holding, in partnership with an undisclosed real estate investment fund, has acquired the property known as 285 Madison Avenue, a 26-story office building in Midtown Manhattan’s Grand Central district.

Advertising and communications agency Young & Rubicam, which is relocating, sold the 1929-vintage property for a reported $189 million. RFR, a privately held Manhattan-based owner and developer, will invest $50 million in a full repositioning...

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