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.
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