The new Hines asset, which was completed in 1976, is located ona site of more than six acres along Imperial Highway Corridor nearthe junction of the 405 and 105 freeways. Its 550,579 sf isdistributed in the two 11-story class A office buildings and twolevels of office space on top of a 10-story parking garage.

The acquisition expands the Hines portfolio in Los Angeles tomore than 2.6 million sf valued at more than $1 billion that theREIT has acquired in L.A. County in the past 18 months, accordingto Hines senior vice president Colin Shepherd. According to Hines'public filings, the Raytheon/DirecTV buildings are 100% leased toRaytheon under a lease that expires in December this year.

DirecTV subleases 205,202 sf under a lease that expires at thesame time as Raytheon's lease. Raytheon has already renewed forspace at the buildings, signing a lease for 345,377 sf in a dealthat begins on Jan. 1, 2009 and expires on Dec. 31, 2018. DirecTVhas also renewed in a deal for the same 205,202 sf that begins onJan. 1, 2009 and runs until Dec. 31, 2013.