SANTA ANA, CA—Hines, working with a fundmanaged by Oaktree Capital Management, hasacquired 1750 East Fourth Street, a229,989-square-foot, class A office building here. Financials onthe sale and lease back with State Compensation InsuranceFund were not disclosed. State Compensation wasrepresented in the transaction by Rob Bickel, PatrickInglis and Thomas Maloney ofJLL.

Completed in 1994 the building is on2.8 acres, with immediate access to the 5 and 55Freeways, the eight-story building is located within the OrangeCounty submarket and has convenient access to the major theLos Angeles, Orange County and InlandEmpire employment hubs. State Compensation Insurance Fundwill lease back approximately 50% of the square footage via a longterm lease. The remaining 50% of the square footage is available tolease immediately.

Hines managing director Ray Lawler, who leadsthe firm's Orange County development and investment office, said,“Orange County is projected to be among the highest rent-growthmarkets in the U.S. over the next five years. This propertyprovides us the opportunity to add significant value throughleasing and the continuing improvement of Orange County's marketfundamentals.”