Hines executives were unable to comment on specifics of the deal, but the CBD office building was widely marketed in a no-minimum offering. The property, developed in 1956, is assessed at $37.83 million.

The repositioning opportunity was the underlying motivation for the JV to join in the chase for the building. The new owner will rely on the location, which includes being part of the underground tunnel system, as the bait for future tenants "who wish to office in a superbly located building with access to the city's best amenities," says Mark Cover, Hines' senior vice president, says in a press release. Hines' executives also won't say how much capital will be pumped into the repositioning plan for the portfolio's ninth property in the US.

"We intend to capitalize on Hines' strengths in redevelopment and management to ensure that 910 Travis remains an enduring asset for the city of Houston and a successful investment for CalPERS and Hines," NOP's vice president Gary Holtzer says in the same release. The 91%-leased building's tenant roster includes Transworld Oil USA Inc., Chase Bank, the law firm of Winstead, Sechrest & Minick, Coronado Club (one of the area's oldest private social clubs) and the US district attorney's office. Bounded by Travis, McKinney, Walker and Milam streets, the 25-story building was renovated in the early 1990s.