FULLERTON, CA—Hines has joined a subsidiary of a fund managed by Oaktree Capital Management LP to purchase the Raytheon Campus here on 25 acres for an undisclosed amount.
The two-building, 405,130-square-foot suburban office complex is located at 1801 Hughes Drive in the North Orange County market. The three-story buildings are fully leased to Raytheon, a tech and defense contractor.
The campus adds to the company’s total purchases of about 650,000 sq. ft. with Oaktree. "This transaction is a great example of our ability to get comfortable with a complex structure and meet a very quick closing timeline. We look forward to expanding our Orange County portfolio in 2013," said Mark Jacobs, managing director for Oaktree.
Cushman & Wakefield brokers Jim Jordan, David Hasbrouck, Ben Cooper and David Dowd represented the undisclosed seller.
The property is part of the former 370-acre Hughes Aircraft Co. campus, which had employed about 15,000 people in 1985. Most of the property was sold for housing in the 1980s and 90s.