The Real Deal Los Angeles

Blackstone taps JLL to head leasing at Howard Hughes Center

Company bought complex from Hines in June
By Katherine Clarke | October 28, 2016 12:00PM

The Howard Hughes Center

The Howard Hughes Center

Commercial brokerage JLL has been tapped by Blackstone to head up leasing at the Howard Hughes Center in Westchester, The Real Deal has learned.

JLL declined to comment on the deal, which is one of the largest leasing assignments of the year. A spokesperson for Blackstone did not immediately respond to a request for comment.

The 1.3 million-square-foot, five-building office complex, formerly owned by Hines, changed hands in June as part of the liquidation of Hines Real Estate Investment Trust. The company sold seven west coast properties, including Howard Hughes, for a total $1.6 billion.

For Blackstone, it was a homecoming of sorts. The company sold the complex to Hines for $506 million in 2013. The center comprises properties at 6080, 6060, 6701, 6100 and 6601 Center Drive, all constructed between 1987 and 2002.

A spokesperson for Hines declined to comment on the most recent occupancy rates at the building, which was 88 percent leased to 93 tenants when the company bought the complex in 2013. The 2013 tenant make-up, which included law firms, design agencies and production outfits, was notable in that no tenants leased more than 10 percent of the complex.

It was unclear whether or not Blackstone’s strategy would include courting larger tenants.