Hines sells three Southern California buildings for $550 million
Hines REIT El Segundo and Hines REIT One Wilshire LP, subsidiaries of Hines REIT Properties, which is a subsidiary of Hines REIT, have entered into a contract with GI Partners to sell three properties in Southern California for approximately $550 million.
The sale includes the One Wilshire building in Los Angeles and the Raytheon and DirecTV office buildings in El Segundo, Calif. One Wilshire has 664,248 square feet of office and retail space at 624 S. Grand Ave. One Wilshire also has a 524-space underground parking garage. TheRaytheon and DirecTV office buildings are located at 2200 and 2230 E. Imperial Highway and contain a total of 550,579 square feet.
Hines REIT originally acquired its interest in the Raytheon and DirecTV buildings in March 2008 for $120.0 million and acquired its interest in One Wilshire in August 2007 for $287.0 million. Hines REIT expects the closing of this sale to occur in June 2013, but the closing date could be extended to September 2013 under certain circumstances, according to a public filing.