Office Buildings with NY Fund: Hines to Spend $1 Billion to Buy/Develop

In Houston, Hines has formed a joint venture with New York State Common Retirement Fund (NYSCRF) to invest in more than $1 billion of office and medical office projects in the U.S.

The venture, called Hines Corporate Properties II (HCP II), capitalized with $500 million of equity, will develop, acquire, own and manage buildings primarily occupied by single-tenant users.

Several years ago, Hines and NYSCRF had a similar joint venture that created a 3 million sf portfolio.

“We believe the timing is right to reconstitute this venture and strategy to pursue development opportunities driven by major tenants,” said Hines President and CEO Jeff Hines.