NEWPORT BEACH, CA—Hines has acquired 4000 MacArthur, a Class A office project consisting of two, ten-story buildings totaling 375,000 rentable square feet, noting that the deal was done in conjunction with a a fund managed by Oaktree Capital Management. Financials were not disclosed.

Hines managing director Ray Lawler, who leads the firm's Orange County development and investment office, said, “4000 MacArthur's location, access, visibility, quality improvements, and credit tenancy make this a particularly attractive acquisition for Hines and Oaktree. We expect the exceptional top floor vacancy, creative speculative suites, and prominent building top and monument signage will draw additional premier tenants to our project.”

Located within the Airport Area submarket, 4000 MacArthur has a prestigious Newport Beach address with immediate proximity to executive housing, hotels, shopping, dining and fitness clubs. Situated within the 179-acre Koll Center Newport at the major intersection of MacArthur Boulevard and Jamboree Road, 4000 MacArthur has prominent visibility, provides convenient access to the SR-73 and I-405 Freeway, and is only one-half mile from the John Wayne Airport. Recent building improvements include a new curtain wall façade, two fully renovated main lobbies, new restrooms, new corridors, new individual elevator lobbies, new parking and landscaping, new multiple outdoor seating areas, and a new on-site café.