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Hines Buys LNR Warner Center

October 05, 2006|From Bloomberg News

RREEF North America, a subsidiary of Deutsche Bank, sold LNR Warner Center, a corporate office park in Woodland Hills, for $311 million to Hines Interests.

Houston-based Hines said Wednesday in a regulatory filing that the building was bought by a subsidiary of its joint venture with Japan's Sumitomo Life Realty Inc., the Hines-Sumisei U.S. Core Office Fund, along with other institutional investors.

RREEF, a real estate management subsidiary of Germany's Deutsche Bank, is based in Houston.

The property has more than 800,000 square feet in four five-story office buildings, one three-story building and two parking structures. Hines' subsidiary acquired an 80% stake in the property with the institutional investors owning the rest.

Demand is growing for U.S. commercial real estate as institutional investors seek alternative investments to stocks and bonds. The core office fund was organized by Hines and Sumitomo to buy U.S. office buildings. The fund has holdings in 14 properties.

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