Hines Global Income Trust Acquires the IBM 500 Campus in Durham, North Carolina

(DURHAM, NC) – Hines, the glob­al real estate invest­ment, devel­op­ment, and prop­er­ty man­ag­er, announced that Hines Glob­al Income Trust, Inc. (“HGIT”) has acquired the IBM 500 Cam­pus, a 774,000 square-foot prop­er­ty locat­ed at 4205 South Mia­mi Boule­vard, Durham, North Car­oli­na. Terms were not dis­closed. The acqui­si­tion expands HGIT’s pres­ence in the region and fur­ther diver­si­fies its $3.9 bil­lion port­fo­lio, which is 63% weight­ed toward the indus­tri­al and liv­ing sec­tors. The site offers mul­ti­ple future rede­vel­op­ment oppor­tu­ni­ties, show­cas­ing HGIT’s strat­e­gy of procur­ing assets that cre­ate the poten­tial to lever­age Hines’ end-to-end mul­ti-asset class exper­tise. The four-build­ing asset is 100% leased by IBM and sit­u­at­ed on 146 acres in one of the top life sci­ence met­ros in Amer­i­ca. It is adja­cent to the Research Tri­an­gle Park, the largest research park in the Unit­ed States, which is home to 375 research, tech­nol­o­gy, and ag-bio com­pa­nies that employ more than 60,000 work­ers, four miles from Raleigh Durham Inter­na­tion­al Air­port, and has con­ve­nient inter­state access.

​“This strate­gic acqui­si­tion in one of our high pri­or­i­ty mar­kets expands our port­fo­lio through a sale-lease­back in the high­ly sought-after Research Tri­an­gle area,” said Alfon­so Munk, Hines’ CIO of the Amer­i­c­as and pres­i­dent of HGIT. ​“As this mar­ket con­tin­ues to expe­ri­ence sig­nif­i­cant invest­ment, we believe the asset will be well-posi­tioned for con­tin­ued growth and oppor­tu­ni­ty.”

​“We are grate­ful for the oppor­tu­ni­ty to serve IBM and expand our firms’ long­stand­ing rela­tion­ship to North Car­oli­na,” said Paul Zar­i­an, man­ag­ing direc­tor at Hines. ​“Long-term, we are attract­ed to the site’s future rede­vel­op­ment option­al­i­ty, specif­i­cal­ly giv­en its strate­gic loca­tion in the heart of a high demand sub­mar­ket for life sci­ence, res­i­den­tial, and indus­tri­al uses.”

Beyond the IBM 500 Cam­pus, Hines’ pres­ence in the Raleigh-Durham mar­ket includes Fen­ton, the 92-acre mixed-use dis­trict in Cary and the Mar­ket Dis­trict at Amer­i­can Tobac­co, a 782,000-square-foot mixed-use devel­op­ment in down­town Durham. In addi­tion, HGIT owns Waver­ly Place, a Whole Foods-anchored retail cen­ter in Cary. HGIT is diver­si­fied by geog­ra­phy and real estate asset class with a focus on dynam­ic sec­tors and markets.

About Hines Glob­al Income Trust
HGIT is a pub­lic, non-list­ed real estate invest­ment trust spon­sored by Hines. It com­menced oper­a­tions in 2014 and invests in com­mer­cial real estate invest­ments locat­ed in the Unit­ed States and inter­na­tion­al­ly. For addi­tion­al infor­ma­tion about HGIT, vis­it www​.www​.hines​glob​al​in​cometrust​.com.

About Hines
Hines is a glob­al real estate invest­ment, devel­op­ment and prop­er­ty man­ag­er. The firm was found­ed by Ger­ald D. Hines in 1957 and now oper­ates in 30 coun­tries. We man­age a $94.6B¹ port­fo­lio of high-per­form­ing assets across res­i­den­tial, logis­tics, retail, office, and mixed-use strate­gies. Our local teams serve 790 prop­er­ties total­ing over 269 mil­lion square feet glob­al­ly. We are com­mit­ted to a net zero car­bon tar­get by 2040 with­out buy­ing off­sets. To learn more about Hines, vis­it www​.hines​.com and fol­low @Hines on social media. 

¹In­cludes both the glob­al Hines orga­ni­za­tion and RIA AUM as of June 30, 2023.

Any ESG or impact com­mit­ments made by Hines are not being pro­mot­ed and do not bind any invest­ment deci­sions made in respect of, or the stew­ard­ship of, HGIT. Any mea­sures imple­ment­ed in respect of such ESG or impact com­mit­ments may not be imme­di­ate­ly applic­a­ble to HGIT’s invest­ments and any imple­men­ta­tion can be over­rid­den or ignored at HGIT’s sole discretion.

For­ward Look­ing State­ments
State­ments in this press release, includ­ing inten­tions, beliefs, expec­ta­tions or pro­jec­tions relat­ing to the acqui­si­tion described here­in, are for­ward-look­ing state­ments with­in the mean­ing of Sec­tion 27A of the Secu­ri­ties Act of 1933, as amend­ed, and Sec­tion 21E of the Secu­ri­ties Exchange Act of 1934, as amend­ed. Such state­ments are based on cur­rent expec­ta­tions and assump­tions with respect to, among oth­er things, the poten­tial long-term per­for­mance of this prop­er­ty and over­all growth of the Raleigh-Durham area, future eco­nom­ic, com­pet­i­tive and mar­ket con­di­tions and future busi­ness deci­sions that may prove to be incor­rect or inac­cu­rate. Impor­tant fac­tors that could cause actu­al results to dif­fer mate­ri­al­ly from those in the for­ward-look­ing state­ments include the risks asso­ci­at­ed with Hines being able to suc­cess­ful­ly man­age the prop­er­ty, risks asso­ci­at­ed with an eco­nom­ic down­turn in the region or the office sec­tor, and oth­er risks described in the ​“Risk Fac­tors” sec­tion of HGIT’s Annu­al Report on Form 10‑K for the year end­ed Decem­ber 31, 2022, as updat­ed by its oth­er fil­ings with the Secu­ri­ties and Exchange Com­mis­sion. You are cau­tioned not to place undue reliance on any for­ward-look­ing statements.