Texas-based Hines Global REIT has purchased 17600 Gillette in Irvine, marking the seventh acquisition the firm has made in Orange County over the last six years.
Hines purchased the two-story, 98,925-square-foot office building, which is located near John Wayne Airport, from AJ Irvine Owner Corp. for an undisclosed amount. The building is fully leased through March 2016 to advertising firm Draft FCB.
"This asset was extremely attractive to the Hines Global REIT due to its desirable location and lease status," said Charles Hazen, president and CEO of the firm. "We believe this acquisition suits our objective of investing in fundamentally sound real estate."
The company said the move showcases its "commitment" to Orange County.
“The acquisition of 17600 Gillette is an indication of our positive outlook in the long-term fundamentals of the local market,” said Paul Twardowski, Hines partner and vice president overseeing the Orange County and San Diego markets.
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