November 14, 2016 Comments Off on Hines Divests $1.2B Office Assets to Blackstone Views: 295 California, California News, Top California Stories, West

Hines Divests $1.2B Office Assets to Blackstone

Houston-based Hines Real Estate Investment Trust, Inc. completed the disposition of seven West Coast office assets to an affiliate of Blackstone for $1.162 billion. The assets include four in California and three in the Seattle area, totaling more than 3.3 million square feet of space.

Properties divested in California’s Bay Area include Watergate Office Towers/2100 Powell in Emeryville, 1900/2000 Alameda in San Mateo, and 2851 Junction in San Jose. The non-traded REIT also sold The Howard Hughes Center in Los Angeles.

So far this year, Hines REIT divested 22 of its directly owned properties for $2.3 billion, and the Hines US Core Office Fund LP sold four properties for $762.7 million.

The dispositions are part of a board-recommended plan to liquidate and dissolve Hines REIT.

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