Blackstone to Buy Hines REIT Portfolio for $1.1B

Hines has opted to liquidate and dissolve Hines REIT, a public, non-listed REIT. To that end, Hines REIT entered into a definitive agreement to sell seven West Coast office properties in a cash transaction to Blackstone Real Estate Partners VIII for $1.1 billion.

The portfolio contains 3 million square feet of office space, consisting of Howard Hughes Center in Los Angeles, CA; Daytona Buildings in Redmond, WA; Laguna Buildings in Redmond, WA; 5th and Bell in Seattle, WA; 2100 Powell in Emeryville, CA; 2851 Junction Avenue in San Jose, CA; and 1900 and 2000 Alameda in San Mateo, CA.

Hines REIT is also selling additional assets, including Chase Tower in Dallas, 321 North Clark in Chicago and a southeast U.S. grocery portfolio.

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