🚧 Intelligent Real Estate Investments - Hines

Hines and Crescent Sell 2211 Michelson in Orange County

(IRVINE, CA) — Hines, the international real estate firm, and Crescent Real Estate Equities Company (NYSE:CEI), a real estate investment trust, announced today that their 2211 Michelson office building, located in the heart of the Irvine Business Complex, has been sold to Los Angeles-based Kilroy Realty Corp.

The property changed hands for $103.2 million.

The 12-story, 271,556-square-foot multi-tenant office building was developed by Hines in 2007, and has been managed and leased by Hines since then.

Kilroy will now take over those responsibilities for the property. 2211 Michelson is currently 95 percent leased.

Kilroy Realty Corp. represented themselves in the transaction, while Eastdil Secured represented Hines and Crescent.

“Although we're very proud of the building and the leasing we've been able to achieve at 2211 Michelson, we decided that this was a good time to sell the asset having originally purchased the land six years ago,” said Hines Vice President Paul Twardowski.

“The sale enhances our ability to reinvest in the County, and we are already actively pursuing new acquisitions.”

Designed by architect Paul Danna, a principal of DMJM Design, the building is sheathed in architectural white metal panels and high-performance silver vision glass. Notably, the property features four penthouse corner balconies and extensive decorative building-top night lighting.

In 2009, 2211 Michelson became the first building in California and on the West Coast to be certified for Silver status in the Leadership in Energy and Environmental Design Core & Shell (LEED-CS) development program, which is sponsored by the U.S. Green Building Council (USGBC), the nation’s leading advocate of sustainable design. Standout green design features qualifying the building for its Silver LEED-CS certification include: innovative wastewater and water conservation technologies; reduction in the use of electricity through highly efficient lighting and HVAC systems; low-emitting materials; 60 percent more glass than conventional office buildings providing maximum daylight within interior spaces; and landscaped outdoor workspaces.

Hines’ portfolio in Orange County includes California Green, an 800,000-square-foot fully entitled master plan at the corner of Jamboree and Michelson, and 17600 Gillette, a two-story office building in Irvine near the OC Airport that Hines’ affiliate, Hines Global REIT, acquired this month.

17600 Gillette is Hines’ seventh acquisition in Orange County over the last six years.

To demonstrate the firm’s commitment to the area, Hines maintains an office in Irvine with a Hines principal based at that office.

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 1,111 properties representing more than 451 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 more than 100 cities in 17 countries, and controlled assets valued at approximately $22.2 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 in the United Kingdom, France’s Haute Qualité Environnementale and with the German Sustainable Building Council. Visit www.hines.com for more information.