On July 1, 1998 the California Public Employees Retirement System (CalPERS) and Hines formed National Office Partners Limited Partnership (NOP) as a real estate investment, development, ownership and operating entity designed to invest in office real estate across the United States.

Hines National Office Partners Limited Partnership (Hines NOP) is the General Partner of NOP, with investment discretion over acquisitions, developments, dispositions and asset management based on annual investment plans approved by CalPERS and Hines. The interests of CalPERS and Hines NOP are aligned through equity co-investment and a performance-based incentive compensation structure.

Hines provides NOP with asset, property, development, leasing and accounting management, as well as potential acquisition and disposition opportunities for the portfolio. The Hines team dedicated solely to NOP maintains offices in Stamford, Connecticut and San Francisco, California.