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Hines’s $2.33 Billion Offer Wins California Offices

A partnership led by Hines and Antarctica Capital Real Estate LLC was selected as the buyer of 11 office properties owned by the state of California after making a $2.33 billion offer.

Proceeds from the sale will be used to pay $1.09 billion of bond debt on the buildings and add $1.2 billion to the state’s general fund, the Department of General Services said in a statement today. California will lease back the offices over 20 years, and will no longer be responsible for maintaining, operating or repairing the buildings.