Hines REIT buys Daytona, Laguna buildings

Hines Real Estate Investment Trust Inc. has acquired nine office buildings containing approximately 715,000 square feet in Redmond, Wash., for an undisclosed price.

The Daytona and Laguna office complexes are located along the Highway 520 Corridor east of Seattle, and were sold by Hart Properties NW LLC. At the time of sale, they were fully leased to tenants, including Microsoft Corp., which occupies 40 percent of the project, and Honeywell Industrial Inc., which occupies 54 percent.

The Daytona complex (approximately 251,000 square feet), which was acquired on Dec. 20, 2006, is comprised of three office buildings, and the Laguna complex (approximately 465,000 square feet), which was acquired on Jan. 3, 2007, is comprised of six office buildings.

Hines REIT is a Houston-based public real estate investment trust sponsored by Hines, an international real estate company.

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