Hines REIT lands One Wilshire

Los Angeles considered one of its target markets

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Hines REIT this week announced it has acquired One Wilshire in Los Angeles' central business district for an undisclosed price. One Wilshire is a 30-story building comprised of approximately 664,248 square feet of office and retail space with a five-level subterranean parking garage for 524 cars. Designed by Skidmore, Owings & Merrill and opened in 1966, the property underwent a major renovation in 1992, consisting mostly of telecommunication networks upgrades. Carlyle One Wilshire II L.P., a subsidiary of The Carlyle Group, sold the class A office tower, which is located at the junction of South Grand Avenue and Wilshire Boulevard. At the time of sale, the property was 99 percent leased, with 62 percent of the property occupied by communications companies including Verizon Communications, CRG West, Savvis/Level 3, Global Crossing, Qwest Communications and Pac-West. ...