(IRVINE, CA) – Hines, the international real estate firm, announced today that along with a subsidiary of a real estate fund managed by Oaktree Capital Management, L.P. (Oaktree), it has acquired 17850 Von Karman, a .65-acre site located in Irvine’s Main Corporate Center near the John Wayne Airport, on which the firm plans to develop a 242,000-square-foot Class A office building.
Hines acquired the fully entitled parcel from Von Karman-Irvine Associates, LLC, for an undisclosed amount.
CBRE represented the seller in the transaction.
The site is located on the corner of Main Street and Von Karman Avenue within the Irvine Business District submarket, widely considered Orange County’s downtown.
Hines Managing Director Ray Lawler, who leads the firm’s Orange County development and investment office, said, “We are pleased to have acquired this excellent site in the heart of the Irvine Business Complex.
We look forward to delivering an efficient, flexible and high-quality product, and we are excited to be able to capitalize on the ever improving market fundamentals.”
"Given the prime location, coupled with the Hines/Oaktree sponsorship, we believe we can attract a lead tenant for our project.
We look forward to constructing a building that suits the specific needs of a future user," said Mark Jacobs, managing director for Oaktree.
Oaktree is a leader among global investment managers specializing in alternative investments, with $76.4 billion in assets under management as of June 30, 2013. 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 750 employees and offices in 14 cities worldwide. For additional information, please visit Oaktree’s website at 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 1,273 properties representing more than 514 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments.
Currently, Hines manages 406 properties totaling 148.5 million square feet, which includes 78.3 million square feet for third parties.
With offices in 113 cities in 18 countries, and controlled assets valued at approximately $24.3 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