CalSTRS, Hines JV to start work on $80m office project in Atlanta

A joint venture between the $215.3 billion California State Teachers’ Retirement System and Hines, a privately held company that invests in and develops real estate, is ready to begin construction on an $80 million office project in Atlanta’s Midtown area, according to news sources.

Construction is scheduled to begin sometime this month.

Hines has been active in the office sector this year, purchasing the Clearview Business Park, a 380,000-square-foot, six-building office campus in San Mateo, Calif., in April. Financials on the deal were not disclosed; however, The Registry reported the sales price was estimated to be $217 million. The seller in the deal was Deutsche Asset & Wealth Management, which paid $125.5 million for the property in 2014.