Hines Fund Takes 600 Lex

NEW YORK CITY-Hines’ US Core Office Fund, which is a partnership between the Houston-based Hines and Sumitomo Life Realty, made its fourth acquisition–600 Lexington Ave. The site was purchased for an undisclosed sum from Sumitomo Life Realty.

James A. Hime, Hines senior vice president, tells GlobeSt.com that this acquisition was staged to accommodate certain business objectives of Sumitomo. This will not end the fund’s shopping spree as Hime says he anticipates that $350 million will be spent by the end of the next quarter on acquisitions in the top 20 markets, except New York, for now.

“We need to get a geographic balance,” Hime says, describing the market today as “frothy.” He expects the fund to be looking at Manhattan properties once that balance is achieved.