NEWPORT BEACH, CA—Hines has acquired 4000 MacArthur, a Class A office project consisting of two, ten-story buildings totaling 375,000 rentable square feet, noting that the deal was done in conjunction with a a fund managed by Oaktree Capital Management. Financials were not disclosed.
Hines managing director Ray Lawler, who leads the firm's Orange County development and investment office, said, “4000 MacArthur's location, access, visibility, quality improvements, and credit tenancy make this a particularly attractive acquisition for Hines and Oaktree. We expect the exceptional top floor vacancy, creative speculative suites, and prominent building top and monument signage will draw additional premier tenants to our project.”
Located within the Airport Area submarket, 4000 MacArthur has a prestigious Newport Beach address with immediate proximity to executive housing, hotels, shopping, dining and fitness clubs. Situated within the 179-acre Koll Center Newport at the major intersection of MacArthur Boulevard and Jamboree Road, 4000 MacArthur has prominent visibility, provides convenient access to the SR-73 and I-405 Freeway, and is only one-half mile from the John Wayne Airport. Recent building improvements include a new curtain wall façade, two fully renovated main lobbies, new restrooms, new corridors, new individual elevator lobbies, new parking and landscaping, new multiple outdoor seating areas, and a new on-site café.
Oaktree managing eirector Ambrose Fisher added, “4000 MacArthur is our eleventh project with the Hines Orange County team. We now own 2.8 million square feet in Orange County that we have taken from 65% leased at acquisition to nearly 90% leased today. Globally, we have purchased 21 office deals in the US and the United Kingdom with Hines, totaling 8.2 million square feet. With the addition of 4000 MacArthur to our portfolio, we look forward to owning two of the best buildings in Orange County.”
The buildings are approximately 91% leased to twelve tenants, including: Hyundai Capital America, M/A-COM Technology Solutions Holdings, Lifescript, and Premium Office Centers. Hines has assumed on-site property management responsibilities on behalf of the joint venture.
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