With the latest offering, National Office Partners LP hasbrought to market all but two of its office holdings in a portfoliochurning to amass capital for a buying spree, Daniel MacEachron,Hines' senior vice president and the partnership's portfoliomanager, tells GlobeSt.com. The capital-raising strategy makes roomfor cherry-picking properties, both in outright sales or JVbuy-ins. In the last 30 days, the partnership, which is 98% ownedby CalPERS and the balance held by Hines, hung "for sale" signs ona 731,783-sf structure at 191 N. Wacker Dr. in Chicago and the437,757-sf Overlook III in Atlanta.

In a press release, MacEachron says the objective is "astrategic repositioning ... through a reduction in the portfoliosize by a combination of dispositions and the formation of one ormore joint ventures."

The clearance sale is being done to take advantage of "thestrongest capital market environment in real estate ever,"MacEachron says. The portfolio is 85% leased for buildings with amedian age of 15 years. Rents range from $20 per sf to $80 persf.