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IRVINE, CA-Hines Global REIT has acquired the 17600 Gillette office building from AJ Irvine Owner Corp. for $20.35 million, according to an announcement by the Houston-based REIT and its public filings. The property is a two-story, 98,925-square-foot office building that is 100% leased until March 2016 to Draft FCB Inc., a global advertising agency.

The lease status of the building and its location in the Orange County Airport Area office submarket were significant factors in Hines’ decision to acquire the property, according to Charles Hazen, president and CEO of Hines Global REIT, which is public and non-traded. According to Paul Twardowski, Hines partner and vice president who oversees the Orange County and San Diego markets, the acquisition “is an indication of our positive outlook in the long- term fundamentals of the local market.”

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