Hines REIT pays $506m for Howard Hughes Center
A unit of Hines REIT has agreed to buy the Howard Hughes Center, a five-building office complex in Los Angeles, from a joint venture between Brookfield Office Properties and The Blackstone Group, according to a filing with the SEC. The sales price was $506 million. Hines REIT expects the closing of this acquisition to occur on or before Jan. 15, 2014. The sellers purchased the 1.32 million-square-foot campus as part of the 2006 purchase of Trizec Properties, a joint acquisition with the company now known as Brookfield Office Properties.