12 April 2017
Reporter: Theo Andrew
Dublin Corporate Centre, California, acquired by Hines
Hines has acquired the Dublin Corporate Centre in Dublin, California, in partnership with a fund managed by Oaktree Capital Management.

The 440,266-square foot centre is made up of three office buildings, and sits on an 18-acre campus. It is currently 83 percent let to tenants including Epicor Software and iTrade Networks.

Terms of the deal were not disclosed.

Located in the Tri-Valley submarket, the area has reasonable rental rates compared to other cities in the Bay Area, according to Hines.

The property sits close to public transport, making the San Francisco and Silicon Valley economic hubs easily accessible.

Hines plans to upgrade the class-A campus, completed in 2001, in order to capture current market leasing rates.

George Clever, senior managing director at Hines, said: “We are excited about this opportunity to partner with Oaktree on our 29th joint venture to acquire Dublin Corporate Centre. This is a very high-quality project that we plan to keep at the top of the market as Dublin and the Tri-Valley continue to grow. Dublin Corporate Centre is an excellent addition to the Hines portfolio.”

Ambrose Fisher, managing director at Oaktree Managing, said: "We are excited again to acquire a best-in-class asset at a substantial discount to replacement cost with our operating partner Hines who has consistently demonstrated a high level of management expertise and an ability to deliver on our business plans.”

More news
The latest news from Real Estate Investment Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Barings Real Estate appoints Marco Court in Italy expansion
28 April 2017 | Milan | Reporter: Theo Andrew
In his new role, Corti will be responsible for increasing investment and asset management in the country
COIMA board appoints independent directors
28 April 2017 | Milan | Reporter: Theo Andrew
The appointments mean seven out of nine board members are now independent
Heimstaden expands Copenhagen portfolio for €118 million
27 April 2017 | Copenhagen | Reporter: Theo Andrew
Haimstaden currently has a number of projects underway in Copenhagen, including the Bjerglandsbyen development
New director of self-storage at W.P. Carey
27 April 2017 | New York | Reporter: Theo Andrew
Boulter joins from Wasatch Storage Partners, where he was vice president of business development
PGIM debt fund raises over £1 billion
27 April 2017 | London | Reporter: Theo Andrew
The fund raised more than 80 percent of the capital in the nine months following the UK’s vote to leave the EU in June
WELPUT fund sell £135 million London office
26 April 2017 | London | Reporter: Theo Andrew
The deal, made on behalf of Schroder’s West End of London Property Unit Trust (WELPUT) fund, reflects a net initial yield of 3.96 percent
Clifford Chance promotes Matt Taylor to real estate partner
26 April 2017 | London | Reporter: Theo Andrew
Taylor has been in the real estate arm of Clifford Chance for the past 10 years, joining the law firm in 2005 as a trainee solicitor