IRVINE, CA-Kilroy Realty Corp. of Los Angeles has closed on its previously reported deal to acquire 271,556-square-foot 2211 Michelson Dr. office building from Hines and Crescent Real Estate Equities for $103.2 million. The 12-story multi-tenant building was developed by Hines in 2007, and has been managed and leased by Hines since then. Kilroy will now take over those responsibilities for the property.

According to Hines vice president Paul Twardowski, the sale enhances Hines' capacity to reinvest in Orange County. "We are already actively pursuing new acquisitions,” he says.

The 2211 Michelson building, in the John Wayne Airport area submarket, was developed on a 1.2-acre site that includes an adjacent six-story parking structure providing parking at the ratio of six stalls per 1,000 square feet of building space, according to previous GlobeSt.com reports on the project. The building was the fourth to be developed in the original Koll Center Irvine South Campus, which is now known as Von Karman Towers.

Hines describes the building as part of a 75-acre campus with pedestrian access to amenities including a 24 Hour Fitness Ultra Sport, a Mariott Hotel, on-site restaurants and retail, and within walking distance of John Wayne Airport.

Designed by architect Paul Danna, a principal of DMJM Design, the building in 2009 became the first in California and on the West Coast to be certified for LEED Silver status. In the sale to Kilroy, the Los Angeles-based REIT represented itself and the Hines-Crescent JV was represented by Eastdil Secured.

Hines’ portfolio in Orange County includes California Green, an 800,000-square-foot fully entitled master plan at the corner of Jamboree and Michelson, and 17600 Gillette, a two-story office building in Irvine near the OC Airport that Hines’ affiliate, Hines Global REIT, acquired this month—Hines’ seventh acquisition in Orange County over the last six years.