HOUSTON-A CalPERS-Hines partnership is scouting the market for a lock, stock and barrel buyer or joint venture players for 13 class A properties with 7.8 million sf in 10 US cities. The portfolio is valued at $2.1 billion to $2.3 billion.

With the latest offering, National Office Partners LP has brought to market all but two of its office holdings in a portfolio churning to amass capital for a buying spree, Daniel MacEachron, Hines’ senior vice president and the partnership’s portfolio manager, tells GlobeSt.com. The capital-raising strategy makes room for cherry-picking properties, both in outright sales or JV buy-ins. In the last 30 days, the partnership, which is 98% owned by CalPERS and the balance held by Hines, hung “for sale” signs on a 731,783-sf structure at 191 N. Wacker Dr. in Chicago and the 437,757-sf Overlook III in Atlanta.

In a press release, MacEachron says the objective is “a strategic repositioning … through a reduction in the portfolio size by a combination of dispositions and the formation of one or more joint ventures.”

The clearance sale is being done to take advantage of “the strongest capital market environment in real estate ever,” MacEachron says. The portfolio is 85% leased for buildings with a median age of 15 years. Rents range from $20 per sf to $80 per sf.

Marketing packets will go out in August. Offers will be due by mid-September and a closing will take place before the year ends. MacEachron says he’s fielded several calls since word got out in sync with a press release that hit the streets late Friday. Regardless of the early interest, he stresses “we intend to take the portfolio through a full and broad marketing process.”

Three buildings were part of the partnership’s launch six years ago with $900 million in assets. The “to go” list has properties from coast to coast and border to border, including a pair in Washington, DC–1001 Pennsylvania Ave., a 758,796-sf property, and 1900 K St. with 342,884 sf.

California is ticketed for the largest disposition. Marked for sale are the 559,829-sf Stoneridge Corporate Plaza in Pleasanton; 254,317-sf Woodside Technology Center in Redwood City; and a 346,482-sf office building at 505 Montgomery, 250,586-sf structure at 601 California and 817,412-sf asset at 50 Fremont, all in the San Francisco Bay area.

The northeast component consists of the 668,199-sf Riverfront Office Park in Cambridge, MA; a 131,633-sf building at 55 Railroad Ave. in Greenwich, CT; and the 404,196-sf RiverPark in Norwalk, CT.

The rest of the package are one-offs. In the Houston CBD, it’s 1100 Louisiana St., a 1.3-million-sf holding. Also up for sale is the four-building, 1.1-million-sf Chancellory in Itasca, IL, and the 845,533-sf IDX Tower at Fourth and Madison in Seattle.

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