Hines REIT gains 550,000 square feet

Hines REIT has purchased a two-building office complex in El Segundo, Calif., for an undisclosed price.

Sold by Newkirk Segair LP, the complex comprises two 11-story, class A office buildings situated on a 6.1-acre site. Totaling 550,579 square feet, the buildings include two levels of office space on top of the 10-story parking garage.

The buildings were completed in 1976.

At the time of purchase, the complex was anchored by two tenants, Raytheon's Space and Airborne Systems, a U.S. defense contractor; and DIRECTV Group Inc., a U.S.-based direct broadcast satellite (DBS) provider.

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