LOS ANGELES-The Hines US Office Value Added Fund II has acquired the 350,000-sf 12100 Wilshire Blvd. office tower from Rreef. The sales price was undisclosed, but sources peg it at $230 million.

The 19-story office tower is situated at the corner of Wilshire Boulevard and Bundy Drive in the Brentwood submarket of West Los Angeles. Designed by Tracy Price Associates, the 12100 Wilshire building was completed in 1985 and was about 92% occupied at the time of the sale.

Hines will manage and lease the property, which “gives us the opportunity to make an investment in one of the most highly sought-after markets in the US,” comments Dave Congdon, senior vice president and HVAF II fund manager. According to Colin Shepherd, senior vice president with Hines in Los Angeles, the company plans to capitalize on strong underlying market fundamentals as it manages the rollover of leases at the property.

West Los Angeles submarkets have been commanding some of the highest rents ever recorded in Southern California of late, with asking rates averaging more than $4 per sf per month, according to market reports. That compares with average asking lease rates of about $2.75 per sf per month throughout the Los Angeles region.

The acquisition of 12100 Wilshire, which is one of the largest single-asset office deals in Los Angeles in recent months, is the latest development in Hines’ 20-year history in the Los Angeles office market. The company entered the L.A. market in 1987 with the development of the Figueroa at Wilshire office tower.

Since then, Hines has acquired and managed more than five million sf in the area. Hines represented itself in the acquisition of its latest L.A. asset, with the seller represented by Eastdil Secured.

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