Hines/Oaktree Venture Acquires Alton Corporate Plaza in… - Hines

Hines/Oaktree Venture Acquires Alton Corporate Plaza in Irvine, CA

(IRVINE, CA) – The Irvine office of Hines, the international real estate firm, announced today that Hines and a subsidiary of a real estate fund managed by Oaktree Capital Management, L.P. recently acquired Alton Corporate Plaza in Irvine, CA, from Legacy Partners Commercial, Inc.

The two-building, 205,267-square-foot office complex is situated on a 9.55-acre site within the Irvine Business Complex in the Orange County Airport area. The property is 100 percent leased through March 2014, with 62 percent of the space occupied by JPMorgan Chase, and the remainder by Nexus IS and Source Interlink Magazine.

Hines has assumed property management responsibilities on behalf of the joint venture.

The seller was represented by Holliday Fenoglio Fowler L.P. Senior Managing Director Ryan Gallagher.

Alton Corporate Plaza comprises: 1733 Alton Parkway, which contains two stories, 77,549 square feet, was completed in 1972 and renovated in 2008; and 1833 Alton Parkway which contains two stories, 127,718 square feet and was completed in 1984.

Oaktree Capital Management, L.P. is a leading global investment management firm focused on alternative markets, with approximately $80 billion in assets under management as of June 30, 2011. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in distressed debt, corporate debt (including high-yield debt and senior loans), control investing, convertible securities, real estate and listed equities. Oaktree was founded in 1995 by a group of principals who have worked together since the mid-1980s. Headquartered in Los Angeles, the firm has over 600 employees and offices in 13 cities worldwide. For more information, visit www.oaktreecapital.com.

Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm’s historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,126 properties representing more than 459 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments.

With offices in 106 cities in 17 countries, and controlled assets valued at approximately $23.7 billion, Hines is one of the largest real estate organizations in the world. Visit www.hines.com for more information.

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