Hines Buys Raytheon, DirecTV Offices for $120M

EL SEGUNDO, CA-Hines REIT has acquired the two-building, 550,579-sf Raytheon and DirectTV office complex from Newkirk Segair LP. The Houston-based REIT paid $120 million for the property, according to its public filings. The complex, which is 100% occupied, is anchored by defense contractor Raytheon Space and Airborne Systems and DirecTV Group Inc., the satellite TV provider.

The new Hines asset, which was completed in 1976, is located on a site of more than six acres along Imperial Highway Corridor near the junction of the 405 and 105 freeways. Its 550,579 sf is distributed in the two 11-story class A office buildings and two levels of office space on top of a 10-story parking garage.

The acquisition expands the Hines portfolio in Los Angeles to more than 2.6 million sf valued at more than $1 billion that the REIT has acquired in L.A. County in the past 18 months, according to Hines senior vice president Colin Shepherd. According to Hines’ public filings, the Raytheon/DirecTV buildings are 100% leased to Raytheon under a lease that expires in December this year.