Sterling, Hines sell office center

Real Estate Weekly, August 15, 2007

CALIFORNIA: The partnership of Sterling American Property and Hines announced the disposition of the San Rafael Corporate Center in San Rafael, Calif.. The two-building, 157,723 s/f office property was acquired by JP Morgan Investment Management and Seagate Properties, Inc.

Sterling American Property and Hines acquired San Rafael Corporate Center as part of a five-building, nearly two million-square-foot portfolio from Equity Office Properties in 2005. San Rafael Corporate Center marks the third property within this portfolio sold within the past four months. The other assets include 405 Howard St., which traded last month and 301 Howard St., which was sold in March of this year.

In addition to ownership of the office property, other entitlements to the buyers include adjacent parcels of land zoned for the development of up to three additional office buildings totaling approximately 242,350 s/f. Eastdil Secured represented the seller.