Hines Fund Buys 302,000-SF 24th at Camelback I

PHOENIX-Making its first investment since closing its US Office Value Added Venture II Fund (VAV III), Hines bought the 302,209-square-foot 24^th at Camelback I for $81 million. The seller was Germany’s GLL Real Estate Partners, which has owned the class A office building since 2006.

The building, designed by Pickard Chilton, was developed by Hines and completed in 2000. Since its completion, Hines has managed the property, which is situated on 8.5 acres on 24^th Street and Camelback Road. 24th at Camelback I has received LEED® Gold designation, nine ENERGY STAR® labels, and was awarded the TOBY Award in 2011 for BOMA’s Greater Phoenix Office Building of the Year.