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Hines REIT pays $506m for Howard Hughes Center

by Andrea Waitrovich

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.

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