Hines has announced that it has purchased a 1.2-acre land parcel in Irvine, CA, in a joint venture with Crescent Estate Equities Company. Hines will develop a proposed 12-story, 260,000-square-foot, Class A office building located in the John Wayne Airport submarket, a top national submarket for growth. Senior Vice President Doug Holte led the joint acquisition for Hines, while Managing Director of Investments Tom Miller represented Crescent.
An 18-year Hines veteran, Holte will be relocating from Los Angeles to Irvine to spearhead this and other investment and development projects in Orange and San Diego counties.
Holte said, "With major offices in L.A., San Francisco and their suburbs, the decision to move into Orange County has been on our radar for a while. We feel the market is poised for a sophisticated project in this location. Our southern California team is excited to lead the project development and marketing, with Crescent as our partner."
Crescent's Vice Chairman and Chief Executive Officer John C. Goff added, "Orange County is considered one of the best markets in the United States. We chose to partner with Hines because of the firm's track record of developing high quality assets, particularly on the West Coast."
Groundbreaking is expected in the first quarter of 2006.