|Travelscape Bldg in Las Vegas, home to Expedia|
Hines, in a joint venture with a subsidiary of funds managed by Oaktree Capital Management LP, has closed on the acquisition of a 32-building office portfolio in Las Vegas totaling more than 1.1 million square feet. General Growth Properties sold the institutional-quality portfolio for an undisclosed price, though sources estimate it could be valued at more than $120 million.
The portfolio includes 32 existing buildings encompassing 1,110,500 square feet of high-end office space
, with two parcels totaling an additional 19 acres of development land. The properties are located across 13 campuses in the Summerlin master-planned community, and are leased to numerous world-class tenants including AT&T, Diamond Resorts, Expedia, Williams-Sonoma and Wyndham Worldwide.
"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 at Oaktree 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."
This is the sixth venture between Oaktree and Hines in the past two years. Oaktree is a leading global investment management firm with approximately $78.7 billion in assets under management. Hines is a privately-owned real estate firm involved in investment, development and property management of a worldwide portfolio that includes more than 482 million square feet in nearly 1,200 commercial properties and land developments.
Doug Metzler, Hines managing director and head of the firm's Los Angeles and Las Vegas offices, said of this recent acquisition, "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."
CBRE's Kevin Shannon, vice chairman, along with Tom Bohlinger, executive vice president and Charles Moore, senior vice president, represented the seller. Hines has assumed property management responsibilities on behalf of the buyers.
Please see CoStar COMPS #2567296 for additional information on this transaction.