LNR Warner Center bought by player new to region: Hines Pays $385 a Square Foot for Woodland Hills Site.

Chalk up another vote of confidence for the Warner Center real estate market.

LNR Warner Center, a complex of five buildings totaling 808,274 square feet, has been sold to Hines, an international real estate firm, for a whopping $385 a square foot.

The most recent sale at LNR Warner Center, two buildings totaling 358,684 square feet, brought about $290 a square foot. That was just last year.

Hines, which acquired the center through a subsidiary Hines-Sumisei U.S. Core Office Fund L.P., paid a total of $311 million for the property, which was built in stages by LNR between 2001 and 2005. Each of the buildings was sold off once completed, and RREEF North America eventually acquired the entire campus.

The acquisition is the first in the local area for Hines, a privately-held firm whose portfolio totals about 915 properties with about 360 million square feet of office, mixed use, industrial, residential, land and other real estate.

The company has developed numerous landmark office buildings including Bank of America Center in Houston, Wachovia Financial Center in Miami, 53rd at Third in New York, 101 California in San Francisco and 191 North Wacker in Chicago.

Its Woodland Hills acquisition will join a portfolio of core office buildings in geographically diverse areas of the country.

"Our acquisition of LNR Warner Center represents a strategic move for our firm in a submarket that we have been closely monitoring for years," said Colin Shepherd, senior vice president at Hines.

LNR Warner Center, located at Can oga and Burbank avenues, has been on a winning streak literally since it was built, with the buildings leasing up as quickly as they were built.

The roster of tenants currently includes NetZero, Univision Music and Health Net.

RREEF was represented by Eastdil. Hines represented itself.