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Contact: Jessica Neuman
IDEA HALL
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jessica@ideahall.com
Buchanan Street Partners Commits Nearly $10 Million in Equity and Arranges $29 Million Bridge Loan to Buy Office/Warehouse Space With Hines
Firm completes joint venture with Hines and handles the financing as well, purchasing 260,000 square feet in the Irvine Business Center
Irvine, CA (November 29, 2006) - Buchanan Street Partners, a national real estate investment bank,
committed approximately $10 million in joint venture equity to purchase-along with Hines-260,000 square
feet of office and warehouse space in Irvine, CA. The property, located at the corner of Main Street and
Von Karman, is currently home to American Sporting Goods, which will vacate to a new location by end of
year. At that time, Hines will initiate cosmetic upgrades and then re-lease the building. Wrightwood
provided the $29.3 million, 24-month loan.
"This is exactly the kind of opportunity that puts a fine point on how the power of Buchanan's
multi-disciplined platform benefits our clients," said Tim Ballard, Buchanan Street Partners Chief
Investment Officer and managing partner. "Respected companies like Hines partner with us specifically
because of our ability to make deals like this happen through a combination of Buchanan's discretionary
equity and the firm's deep experience and extensive relationships on the advisory side."
Buchanan Street Partners and Hines previously worked together numerous times, with Buchanan arranging
debt strategies for several Hines projects in the West. This joint venture marked the first time,
however, that Buchanan assumed an investor role.
"It's the best case scenario for Hines and Buchanan," said Steve Blue, Buchanan Street Partners Senior
Vice President. "Both companies have a lot of respect for each other and due to our prior relationship,
Hines trusted that we would secure the most advantageous debt structure. Likewise, we trust in Hines'
expertise to implement a profitable investment strategy with the property."
"Buchanan Street Partners represents everything we want in an advisory firm and they represent everything
we look for in a joint venture partner," said Doug Holte, Western Regional Partner for Hines. "There is
long-standing trust and respect between us and that inevitably leads to success for both parties."
About Buchanan Street…
Buchanan Street Partners is a national real estate investment bank that
provides real estate capital for owners and developers and investment management for institutions and
private investors. The firm's investment banking services include debt and structured finance and
investment sales for commercial, multi-family and hotel properties. Offices are located in Newport Beach,
Los Angeles, San Francisco, Chicago, Atlanta and greater Washington D.C.
About Hines…
Hines is a privately owned real estate firm involved in real estate
investment, development and property management worldwide. The Hines portfolio of projects underway,
completed, acquired and managed for third parties includes 915 properties representing approximately
360 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports
facilities, as well as large, master-planned communities and land developments. With offices in 64
U.S. cities and 15 foreign countries, and controlled assets valued at approximately $13.5 billion,
Hines is one of the largest real estate organizations in the world. Visit
www.hines.com for more information.
