Major Real Estate Transactions in Australia and California
The Government of Singapore Investment Corporation is part of a partnership to invest in an office tower on 101 California Street in San Francisco. The 30-year old tower has 48 floors and is a 1.2 million square-foot property. The building was owned by Nippon Life Insurance Company and Hines. Nippon Life sold its 92% stake for US$ 851 million. Hines will continue to manage the property. Major tenants include, Morgan Stanley, Deutsche Bank, Merrill Lynch and Cooley Godward.
In 1982, Hines constructed the office tower and sold the majority stake to Nippon Life Insurance Company in 1987, during the period of major Japanese real estate acquisitions in the U.S.
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