CityCenterDC Signs Lease With American Hospital Association
Renowned Non-Profit Latest to Lease 42,000 Square Feet of Space at Landmark D.C. Development
WASHINGTON, March 20, 2013 /PRNewswire/ -- Hines announced today the signing of a new lease with national non-profit organization American Hospital Association (AHA) in Two CityCenter at the landmark, mixed-use CityCenterDC development in Downtown Washington, D.C. CityCenterDC is one of the largest downtown developments currently underway in the United States.
CityCenterDC is a development of Hines and The TFI US Real Estate Fund. The anchor investor in the Fund is Qatari Diar Real Estate Investment Company (Qatari Diar), the real estate investment arm of the Qatar Investment Authority. The Fund is advised by Tanween, a Qatari real estate development management and consulting firm.
The AHA will occupy approximately 42,000 square feet when it moves into its new space in September 2014. The AHA was advised on the transaction by Studley, Inc. Founded more than a century ago, the AHA is a leading non-profit organization representing more than 5,000 hospitals, health care systems, networks, other providers of care and 42,000 individual members. The AHA provides education for health care leaders and is a source of information on health care issues and trends.
With the execution of this new lease, the office buildings One and Two CityCenter are now just over 83% leased with additional pending commitments. CityCenterDC previously announced a 420,000-square-foot, 20-year lease with renowned law firm Covington & Burling LLP.
"We determined early on that the newly constructed building infrastructure at CityCenterDC would be the best fit to meet the needs of our members and staff," said John Evans, AHA senior vice president and chief financial officer. "The new space will allow us to continue to provide our members with the highest quality of service and the new building will offer additional resources to work with our members and staff."
"The success of our office leasing campaign validates our vision for CityCenterDC," said Howard J. Riker, managing director of Hines. "Our office tenants will benefit from and contribute to the creation of a vibrant blend of office, shopping, dining, residential and cultural spaces and experiences. As we continue the sales of our remarkable condominium residences, we are confident that home buyers will respond to our offering with the same enthusiasm and shared vision we have experienced in our office leasing campaign."
CityCenterDC (www.citycenterdc.com) is a unique, pedestrian-friendly, 10-acre mixed-use development, located in the heart of downtown Washington on a 4.5-block parcel bounded by New York Avenue, 9th, H and 11th Streets, NW. Foster + Partners of London and Washington D.C.'s Shalom Baranes Architects served as master-plan architects. Phases I and II of the project will contain more than 270,000 square feet of retail space situated at the base of seven buildings that encompass 520,000 square feet of office space, 458 rental apartment units, 216 condominium units, a 370-room luxury hotel, a public park, a central plaza and pedestrian-oriented streets and alleyways.
Construction of Phase I of the project commenced in March 2011. As of year-end 2012, the structures associated with the two office buildings, two apartment buildings and two condominium buildings reached the "topping out" milestone. It is further anticipated that these buildings will be able to accept initial occupants during the fourth quarter 2013. A joint venture between Clark Construction Group, Smoot Construction of Washington, D.C., and McKissack and McKissack is the general contractor.
Construction of Phase II of the project is expected to commence in the first half of 2014. It will consist of an approximately 370-room luxury hotel and 73,000 square feet of additional retail.
Setting a new standard for urban living, the CityCenterDC rental apartments will respond to the District's growing demand for well-appointed apartment homes in convenient locations. The apartment interiors will showcase thoughtful features and functional layouts, including substantial living rooms, open kitchens and bamboo flooring. Building amenities feature an outdoor swimming pool, two-story fitness center and rooftop dog walk. The 458 luxury apartments will be available for rent beginning in the fall 2013.
The CityCenterDC retail component will consist of over 60 stores, restaurants and cafes. CityCenterDC's retail will complement and enliven the existing downtown retail by providing one-of-a-kind shopping and dining destinations for the Washington, D.C. metropolitan area. The project will feature a unique mix of local, national and international brands that will contain quality retail space with extensive street frontage and dynamic storefronts and signage. Initial leases are being finalized, and it is expected that a critical mass of tenants will be committed by spring 2013, with a Grand Opening scheduled for spring 2014.
Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm's historical and current portfolio of projects that are underway, completed, acquired and managed includes 1,208 properties representing more than 488 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments. Currently, Hines manages 379 properties totaling 137 million square feet, which includes 66 million square feet for third parties. With offices in 104 cities in 18 countries, and controlled assets valued at approximately $23.8 billion, Hines is one of the largest real estate organizations in the world. Hines is also a world leader in sustainable real estate strategies, with extensive experience in LEED®, ENERGY STAR®, BREEAM, Haute Qualite Environnementale and DGNB green building rating systems. Visit www.hines.com for more information.
About The First Investor (TFI)
[TFI is a leading Shariah investment company in Qatar and is regulated by the Qatar Central Bank.] A wholly owned subsidiary of Barwa Bank, TFI is one of the most respected investment banking firms within the region, combining Qatari leadership with both international and local expertise to provide dedicated services in Investment Banking, Asset Management and Real Estate Investment. Through its strong international network of relationships and deep technical expertise, TFI provides a global approach in helping clients formulate, deliver and manage effective corporate strategies. Visit www.tfi.com.qa for more information.
About Barwa Bank
Barwa Bank [is a Shariah-compliant bank in the State of Qatar] established in Doha and licensed and regulated by the Qatar Central Bank. With an authorized capital of QAR 6 billion and paid up capital of QAR 3 billion, Barwa Bank provides a full range of banking services including retail, corporate and commercial banking, private banking, real estate finance, structured finance, investments and asset management.
Tanween is a Qatari real estate development management and consultancy firm operating in GCC and MENA with a network of international consultants and partners. Tanween's current portfolio of projects under development amounts to around $22bn. Tanween assists land owners, developers, investment banks and investors to create commercially viable and sustainable world-class real estate communities in all asset classes. Tanween's experts provide various strategies for real estate developments and asset management and comprehensive project delivery services throughout the development lifecycle. Visit www.tanween.com.
About Qatari Diar
Qatari Diar Real Estate Investment Company, wholly owned by the Qatar Investment Authority, was established in December 2004 to support Qatar's growing economy and co-ordinate the country's real estate development and investment priorities. Qatari Diar is currently involved in more than 35 projects in more than 20 countries around the world. Visit www.qataridiar.com.
For more information, contact:
Hines – George Lancaster – 713-966-7676
For CityCenterDC: Great Ink Communications – 212-741-2977
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