Hines chair Gerald D. Hines stated at the April announcement, "Since the mid-1990s, our firm has strategically pursued real estate asset management business. This transaction represents another major step in that direction and an important milestone for us."

The Houston-based Hines assumed management and leasing responsibilities for these properties at the Aug. 19 closing. The parties intend to consider future joint projects involving the acquisition and ownership of office buildings in the US and Japan.

Morgan Stanley acted as the sole financial advisor to Hines on this transaction.The Hines portfolio of projects completed and underway includes 700 properties representing 223 million sf of office, mixed-use, industrial, hotel, sports facilities and residential properties, as well as large, master-planned communities and land developments. Sumitomo Life Insurance Co. develops insurance and pension products for individual and corporate clientele.