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.”