HINES, J.P. MORGAN ACQUIRE PLAZA AT LEGACY

PLANO — A new joint venture between Dallas-based Hines and institutional investors advised by J.P. Morgan Asset Management-Global Real Assets have acquired the 215,499-square-foot The Plaza at Legacy, an office building in the Legacy Business Park in Plano. The acquisition also includes a 12-acre adjacent land parcel. Hines developed the property as a build-to-suit for Computer Associates in 2001 and sold the asset to ING-Clarion in 2004 but continued to manage the property until 2006. Jones Lang LaSalle's Houston Real Estate Investment Banking team advised Hines in the joint venture equity and debt. Computer Associates has reconfigured its space renewed its lease for 43 percent of the property in a 10-year deal, leaving approximately 120,000 square feet of space available for multiple tenants. Computer Associates' reconfiguration has led to a repositioning of the office building, which will include upgrading the lobby, adding a deli/sundry store, adding a fitness center and upgrading common areas on each floor. The retrofit is slated for an end of 2012 completion and is being financed by U.S. Bank. Hines is co-marketing the available office space with Cassidy Turley.