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HOUSTON-Long-time partners Hines and CalPERS, once again takingan industry lead, have dedicated $120 million of equity as thespringboard for the nation's first "Green Development Fund." Theleveraged equity will result in $500 million of ground-upconstruction of LEED pre-certified office buildings in key USmarkets.
The Los Angeles-based Thomas Properties Group Inc. has beenshopping the capital markets to launch a similar fund, but theHines-CalPERS JV has managed to get out the door first. Dan Rashin,senior vice president and fund manager for the Houston-based Hines,tells GlobeSt.com that the initial fund most likely will result infour office projects in the 250,000-sf to 500,000-sf range withconstruction tabs of $100 million to $150 million apiece.
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