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Hines REIT Sells MO Office Building for $153.5 Million

A subsidiary of Hines Real Estate Investment Trust sold its 2555 Grand office property located in Kansas City, MO to Grand Boulevard Acquisition LLC for $153.5 million, exclusive of transaction and closing costs.

Hines Real Estate Investment Trust acquired the 24-story Class A building from Crown Center Redevelopment Corporation in February 2008 for $155.8 million. Designed by Zimmer Gunsul Frasca Architects and completed in 2003, the 595,000-square-foot property is located within Crown Center, one of the nation’s first mixed-use developments, according to Hines’ website. The net proceeds from this sale were $151.6 million after transaction costs.

The DI Wire reported on the initial sales agreement on June 23. Click here to learn more.

Hines Real Estate Investment Trust owns and manages a geographically diverse portfolio of assets comprised of 33 properties totaling 15.8 million square feet in 19 geographic markets. As of March 31, 2015, the portfolio had an estimated aggregate value of $2.3 billion.