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Transactions - JANUARY 17, 2020

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Hines Global sells two assets for $991m

by Andrea Zander

In separate deals, Hines Global REIT has sold two offices for a total of $991 million.

Alexandria Real Estate Equities has acquired a 509,702-square-foot office complex in Newton, Mass., for $235 million. Hines Global REIT sold the property, which is nearly fully leased, reported The Business Journal.

Hines also sold its Summit III office complex in the Seattle suburb of Bellevue, Wash., for $756 million. The new buyer was not reported. Recently, Hines sign Amazon to lease the building, 300,000 square feet of the 17-story building. Three properties — Summit I, Summit II and Summit III — are on the Summit Campus that was acquired in 2015.

As of June 30, 2019, Hines Global REIT had a portfolio of 12 real estate properties, consisting of office, retail and industrial assets, with an estimated aggregate value of approximately $2.4 billion. The 6.2 million square feet of leasable space was reported as 90 percent leased as of that date.

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