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Press Release: Hines
November 27, 2002
HOUSTON, TX -- Hines, the international real estate firm, and GE Real Estate yesterday announced the acquisition
of Manhattan Towers in Manhattan Beach, California. The property was purchased from Manhattan Beach Towers, LLC,
a joint venture between affiliates of Divco West Properties, LLC and Charlesbank. The "Class A" property
includes two, six-story office buildings totaling 309,705 square feet. Located at the intersection of Rosecrans
Avenue and Sepulveda Boulevard, the complex is adjacent to the recently renovated Manhattan Village Shopping Center,
the Manhattan Village Country Club and is in close proximity to LAX Airport.
This acquisition marks the first for the Hines/GE Real Estate venture. Referred to as the Hines Suburban Office
Venture (HSOV), the partnership acquires suburban office properties in diverse markets in the U.S. HSOV has a total
equity capital commitment of $222 million from GE Real Estate and various Hines entities, with a targeted portfolio
size of $650 million.
"Manhattan Towers represents the first of many strong investments our partnership anticipates closing through
the HSOV acquisition program," said GE Real Estate Senior Vice President Stephen Hoover. "This transaction
was a win-win for everyone involved -- we closed the deal at an accelerated schedule to meet the seller's objectives,
and we now have an excellent asset in our portfolio."
Manhattan Towers were designed by Herbert Nadel AIA, and were constructed in 1985. The buildings feature concrete
and glass exteriors which provide unencumbered views from all directions. Floor plates in the building average
27,000 square feet. Parking for 1,032 cars is provided in a three-level parking structure below the buildings and
on a surface lot. Considered to be one of the top office properties in the El Segundo/Manhattan Beach office submarket
of greater Los Angeles, Manhattan Towers is currently 81 percent leased to TRW, Inc.; Reback, McAndrews & Kjar
LLP; Robeks; Manhattan Beach Unified School District; as well as a prestigious group of additional corporate tenants.
According to Todd Later of Hines, two full floors totaling 60,000 square feet are being actively marketed.
"Manhattan Towers was extremely appealing to us due to its exceptional location and diversified tenant mix,
within a major suburban submarket featuring outstanding demographics and premier amenities," said Hines Senior
Vice President Douglas Holte.
Since 1988, Hines has been an active real estate developer and manager in Southern California. The firm manages/owns
approximately three million square feet in the Greater Los Angeles area.
Hines is a privately owned real estate firm involved in developing, acquiring, leasing and managing real estate,
as well as providing extensive global investment management and advisory services. The Hines portfolio of projects
completed and underway includes 700 properties representing 223 million square feet of office, mixed-use, industrial,
hotel, sports facilities and residential properties, as well as large, master-planned communities and land developments.
With offices in 74 U.S. cities and 11 foreign countries, and controlled assets valued in excess of $13 billion,
Hines is one of the largest real estate organizations in the world. Access www.Hines.com for more information.
GE Real Estate (www.gerealestate.com), a business unit of GE Commercial Finance, is headquartered in Stamford,
Conn., and has a portfolio of approximately $30 billion in assets and more than 30 offices throughout North America,
Europe and the Pacific Rim. As part of GE, a AAA-rated company, GE Commercial Finance, with more than $180 billion
in assets, offers business of all sizes an array of financial services and products worldwide. With a particular
expertise in the mid-market segment, GE Commercial Finance provides loans, operating leases, financing programs
and other services. It also offers loans and financing leases for major capital assets, including a full range
of aircraft fleet and financing solutions; industrial facilities and equipment, and energy-related facilities;
commercial and residential real estate loans and investments; and loans to and investments in public and private
entities in diverse industries. GE is a diversified services, technology and manufacturing company with operations
worldwide.
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Contact:
Hines, Houston
George Lancaster, 713/966-7676
george_lancaster@hines.com
Source: Hines