(LAS VEGAS) – Hines, the international real estate firm, announced today that in a joint venture with a subsidiary of real estate funds managed by Oaktree Capital Management, L.P. (Oaktree), it has acquired a portfolio of office buildings in Las Vegas from General Growth Properties.
Financials on the deal were not disclosed.
This is the sixth venture between Oaktree’s Real Estate Group and Hines over the past two years.
The portfolio is comprised of 32 existing institutional-quality buildings totaling 1,110,500 square feet, with two additional development parcels totaling 19 acres.
The properties are located across 13 campuses in the premier Summerlin master-planned community.
The portfolio is currently leased to a number of well-known tenants including: AT&T, Diamond Resorts, Expedia, Williams-Sonoma and Wyndham Worldwide.
Hines has assumed property management responsibilities on behalf of the joint venture.
“We are excited about this unique opportunity to acquire such a sizable, well-located suburban office portfolio in one of the most successful master-planned communities in the U.S.,” said Ambrose Fisher, managing director in Oaktree’s Real Estate Group.
“The Oaktree/Hines partnership is well capitalized, and given the quality of these properties, we believe we can compete very favorably in the market.”
Hines Managing Director Doug Metzler, who heads the firm’s Los Angeles and Las Vegas offices, said, “We are thrilled to enter the Las Vegas market through a portfolio of this scale and prominence.
We will endeavor to return the portfolio to its former position in the market, and look forward to participating in the broader recovery of Las Vegas.”
The seller was represented in the transaction by CB Richard Ellis Vice Chairman Kevin Shannon, Executive Vice President Tom Bohlinger and Senior Vice President Charles Moore.
Oaktree Capital Management, L.P. is a leading global investment management firm focused on alternative markets, with approximately $78.7 billion in assets under management as of June 30, 2012. 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. Headquartered in Los Angeles, the firm has over 675 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 1,192 properties representing more than 482 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 110 cities in 18 countries, and controlled assets valued at approximately $22.9 billion, Hines is one of the largest real estate organizations in the world. Hines is also a world leader in sustainable real estate strategies, with extensive experience in LEED®, ENERGY STAR®, BREEAM, Haute Qualité Environnementale and DGNB green building rating systems.
Visit www.hines.com for more information.