CalPERS and Hines Develop Office Tower in San Francisco, South of Market.Business Editors SACRAMENTO, Calif.--(BUSINESS WIRE)--March 16, 2000 The California Public Employees' Retirement System (CalPERS) announced today that it has plans to develop a 31-story high-rise building high-rise building Multistory building taller than the maximum height people are willing to walk up, thus requiring vertical mechanical transportation. The introduction of safe passenger elevators made practical the erection of buildings more than four or five stories tall. in San Francisco's South of Market area through National Office Partners Limited Partnership (NOP (NO oPeration) See no-op. ). The $200 million development project, located at 560 Mission Street, is slated to contain 665,000 feet of office space and 5,000 square feet of retail space. The building is expected to house as many as 2,500 employees in what has become one of the hottest bedrock's for Bay Area high-tech companies. It marks the first investment by CalPERS in a San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden office development project and the largest high-rise office building approved in San Francisco in 15 years. NOP is an investment partnership of CalPERS and the international real estate firm Hines, general partner and manager of NOP's portfolio of office real estate in the eastern and northwestern United States Noun 1. northwestern United States - the northwestern region of the United States Northwest western United States, West - the region of the United States lying to the west of the Mississippi River valued today at nearly $1.6 billion. The new project is being developed by Hines for NOP, and construction is expected to begin in summer 2000. "This building will be a pleasing addition to the San Francisco cityscape (company) CityScape - A re-seller of Internet connections to the PIPEX backbone. E-Mail: <sales@cityscape.co.uk>. Address: CityScape Internet Services, 59 Wycliffe Rd., Cambridge, CB1 3JE, England. Telephone: +44 (1223) 566 950. ," said Michael Flaherman, Chair of CalPERS Investment Committee. "This high-rise will create much needed office space in downtown and will be a sound investment for the pension system." On behalf of NOP, Hines has also signed a letter of intent to lease the building to investment bank Chase Hambrecht & Quist (H&Q) for its new West Coast headquarters. Chase H&Q currently has approximately 700 employees in San Francisco. The new building, designed by Cesar Pelli & Associates, is inspired by famed San Francisco landmarks such as the Hallidie building The Hallidie Building, is an office building in the Financial District of San Francisco, California, at 130 Sutter Street, between Montgomery Street and Kearny Street. It was built around 1917-1918 and is credited as the first building to feature glass curtain walls. , the first "glass curtain wall curtain wall Nonbearing wall of glass, metal, or masonry attached to a building's exterior structural frame. After World War II, low energy costs gave impetus to the concept of the tall building as a glass prism, an idea originally put forth by Le Corbusier and Ludwig Mies " building in the western United States Noun 1. western United States - the region of the United States lying to the west of the Mississippi River West Santa Fe Trail - a trail that extends from Missouri to New Mexico; an important route for settlers moving west in the 19th century . The development at 560 Mission is the latest addition to CalPERS' Bay Area office portfolio, which includes properties at 505 Montgomery Street and 601 California Street in San Francisco, and the recently acquired Woodside Technology Centre in Redwood City. CalPERS has nearly $8 billion invested in core real estate properties and specialized real estate programs, of which over $2 billion is dedicated to office properties. California real estate represents approximately 29 percent - or $2.2 billion - of the System's real estate assets. CalPERS is the nation's largest public pension fund with assets totaling $170 billion. The System provides retirement and health benefits to more than 1 million state and local public employees and their families. For further information on CalPERS, please visit the System's Web site at www.calpers.ca.gov. Hines is a privately owned firm that develops, manages and acquires real estate as well as providing a wide range of advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal . Hines controls a real estate portfolio that includes more than 600 properties representing approximately 188 million square feet of office, mixed-use, industrial, retail and residential properties as well as large master-planned communities and land developments. |
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