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Hines, Oaktree JV buys Vegas office portfolio

The sixth venture between the Houston-based real estate investment firm and the Los Angeles-based alternative asset manager has acquired 32 offices from General Growth Properties.

A joint venture between Houston-based real estate firm Hines and Los Angeles-based alternative asset manager Oaktree Capital Management has acquired a portfolio of offices in Las Vegas from General Growth Properties. It marks the sixth venture between Oaktree’s real estate group and Hines over the past two years.

Although the venture declined to disclose the closing price, data provider Real Capital Analytics listed it at approximately $127 million.

Described by the venture as institutional quality, the portfolio consists of 32 offices totaling more than 1.1 million square feet of space and two development parcels totaling 19 acres. The properties are located across 13 campuses in the Summerlin master-planned community, and tenants include AT&T, Diamond Resorts, Expedia, Williams-Sonoma and Wyndham Worldwide.

Hines managing director Doug Metzler, who heads the firm’s Los Angeles and Las Vegas offices, said in a statement: “We will endeavour to return the portfolio to its former position in the market.” The firm has assumed property management responsibilities on behalf of the venture.