The new Hines asset, which was completed in 1976, is located on a site of more than six acres along Imperial Highway Corridor near the junction of the 405 and 105 freeways. Its 550,579 sf is distributed in the two 11-story class A office buildings and two levels of office space on top of a 10-story parking garage.
The acquisition expands the Hines portfolio in Los Angeles to more than 2.6 million sf valued at more than $1 billion that the REIT has acquired in L.A. County in the past 18 months, according to Hines senior vice president Colin Shepherd. According to Hines' public filings, the Raytheon/DirecTV buildings are 100% leased to Raytheon under a lease that expires in December this year.
DirecTV subleases 205,202 sf under a lease that expires at the same time as Raytheon's lease. Raytheon has already renewed for space at the buildings, signing a lease for 345,377 sf in a deal that begins on Jan. 1, 2009 and expires on Dec. 31, 2018. DirecTV has also renewed in a deal for the same 205,202 sf that begins on Jan. 1, 2009 and runs until Dec. 31, 2013.
In the Hines purchase of the El Segundo complex, the seller was represented by Eastdil Secured.
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