Houston-based Hines has partnered with the New York State Common Retirement Fund (NYSCRF) to invest over $1 billion in office and medical office projects in the U.S. The joint venture, Hines Corporate Properties II (HCP II), will be funded with $500 million in equity.
Based on the lines of Hines Corporate Properties I, HCP II will develop, buy, own and manage buildings inhabited by single-tenant users. Hines’ vice president Doug Donovan will handle the project. The real estate firm will offer services, such as site selection, development management and conceptual construction.
Click here for the release from Business Wire.