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Report: Hines, partner buy San Francisco office property stake for $534M

Houston-based Hines and the Hong Kong Monetary Authority paid approximately $534 million to acquire a 49% stake in the Park Tower office property in San Francisco, the San Francisco Business Times reported, citing three people familiar with the deal.

Facebook Inc. earlier agreed to occupy the entire 755,900-square-foot building, which was owned 95% by MetLife Inc., with developer John Buck Co. and Golub & Co. owning the rest, according to the publication. The building will house some 4,000 Facebook employees starting this fall.

The publication could not get a comment on the matter from John Buck, Hines or MetLife.