Nestle won naming rights in the whirlwind deal for the 29-storyBKB Building at Avenida Dr. Chucri Zaidan 246 in the MarginalPinheiros submarket. A Hines spokesman has confirmed the lease termfor GlobeSt.com.

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The spokesman says the asset's been dark since July 2007, afallout from Banco Itaú's 2006 takeover of BankBoston, whichdeveloped it and had been the only occupant since its completion inApril 2002. Hines CalPERS Brazil II Fund acquired the building onemonth before it was emptied, putting teams from Jones Lang LaSalleand Cushman & Wakefield Inc. into the driver's seat to find abackfill.

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Nestle will move 2,000 employees from a 301,389-sf headquartersbuilding [28,000 m2] just three blocks away and consolidate severalother leased locations before this quarter ends. When all is saidand done, Nestle will still have room to expand.

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According to the Hines spokesman, the lease doesn't include apurchase option, but he points out that a tenant has the right offirst refusal on any sale under Brazilian law. The buildingrepresented the largest block of open space in the MarginalPinheiros submarket, one of three high-profile office districtscentrally located in Sao Paulo.

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Designed by Skidmore, Owings & Merrill LP and Brazilianarchitect Julio Neves, the high rise is considered an architecturallandmark throughout Latin America. Its architectural elementsinclude curved glass around a landscaped garden and granite, glassand stainless steel skin.

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The Hines-CalPERS fund primarily targets Brazil, but it canacquire in Argentina and Chile too. The portfolio mix is office,industrial and residential properties.

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