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Hughes Center To Sail for $506M

LOS ANGELES-Hines REIT enters into a purchase agreement with Blackstone Group LP to buy the five-building Howard Hughes Center for $506 million.

By Kelsi Maree Borland | Updated on December 06, 2013

LOS ANGELES-Hines REIT Properties, a subsidiary of Hines REIT, has entered into a purchase agreement with Blackstone Group LP to buy the Howard Hughes Center for an estimated $506 million. Both parties expect to close the acquisition by January 15, 2014. Hines REIT has given an “earnest money deposit” of $30 million for the purchase.

According to the SEC filing, completion of the purchase agreement is contingent on “receipt of tenant estoppels related to at least 75% of the net rentable area” of the center, as well as other closing conditions.

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