Texas + Office | July 1, 2016

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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About Mark El-Rayes

Mark El-Rayes is an award winning designer and photographer from Beirut, Lebanon. El-Rayes has over 15 years in the design industry, 5 years of which he served as a Mass Communication Specialist in the United States Navy at Naval Air Station North Island, Navy Public Affairs Support Element - West (NPASE). El-Rayes is a full-stack developer, seo specialist, photographer, and artist.

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