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10/23/17
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Hines, through its core plus venture with an affiliate of Goldman Sachs & Co. LLC’s Merchant Banking Division, has acquired 4000 MacArthur, a Class A office project consisting of two, ten-story buildings totaling 376.2k sf in Newport Beach. The price was not immediately disclosed.
4000 MacArthur is 99% leased to 15 tenants, including MACOM Technology, Lifescript, Premier Business Centers and Hyundai Capital America – which will occupy the entire west tower. Hines has retained on-site property management responsibilities on behalf of the joint venture.
The property, located at the intersection of Jamboree Rd and MacArthur Blvd within the Airport Area submarket, provides a prestigious Newport Beach address with convenient access to the I-405, SR-73 and SR-55 freeways, and John Wayne Airport. Situated within the 158-acre Koll Center Newport, the location offers superior access and visibility in a highly amenitized irreplaceable location.
Hines, along with a subsidiary of a fund managed by Oaktree, originally acquired 4000 MacArthur in February 2015. During its ownership, Hines and Oaktree implemented a robust capital improvement plan that included an upgraded curtain wall and installation of a new building management system—which significantly reduced utility costs—positioning the property as a marquee Class A office building in Newport Beach.
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