Blackstone buys Howard Hughes Center from Hines in $1.2B liquidation sale

Howard Hughes building and Hines REIT Chief Executive Officer Sherri Schugart
Howard Hughes building and Hines REIT Chief Executive Officer Sherri Schugart

A Blackstone affiliate has purchased seven commercial properties from Hines Real Estate Investment Trust for $1.16 billion, including the Howard Hughes Center in Los Angeles, Bloomberg reported.

The sale of the portfolio, which totals 3 million square feet of office space, is part of the Hines REIT’s liquidation. 

Other assets in the portfolio are located in Seattle, Emeryville, San Jose and Redmond, Washington.

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The outcome of the transaction is subject to stockholder approval of the liquidation plan, Hines said in a statement.

Meanwhile, Hines is also selling their Citigroup Center in L.A., a 48-story tower at 444 South Flower Street. The investment firm expects to attract bids for about $350 million. [Bloomberg]Cathaleen Chen