The Hines-Sumisei U.S. Core Office Fund L.P. (Core Fund) has acquired LNR Warner Center, a massive commercial project in Los Angeles.
The value of the transaction was not disclosed.
LNR Warner Center, comprised of four five-story buildings and one three-story building containing approximately 808,274 square feet, is located in the Woodland Hills/Warner Center submarket of Los Angeles. Built in stages between 2001 and 2005, the campus-style project was 98 percent leased at the time of sale to tenants including Health Net of California Inc., NetZero, ATK Missile Systems and Univision Music.
The Core Fund, which is an investment vehicle organized by Hines and Sumitomo Life Realty (N.Y.) Inc. to acquire core office buildings in the United States, purchased the property from RREEF North America.
Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide.