Progress in Washington DC: $700 million project

Hines has secured 100 percent equity financing for its $700 million project in progress in downtown Washington, DC. Hines is building the project in a JV with Archstone. The anchor investor is Qatari Diar Real Estate Investment. (Qatari Diar), the real estate investment arm of the Qatari Investment Authority and the financing was put in place by Barwa Bank’s investment banking subsidiary The First Investor (TFI). TFI will co-invest in and manage the dedicated TFI U.S. Real Estate Fund. Formerly the site of the District’s old convention center, CityCenterDC is a 10-acre, multi-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. The first phase of the project is a pedestrian-friendly neighborhood with more than 185,000 sq ft of retail situated at the base of six buildings that encompass 458 rental apartment units and 216 condominium units; and 520,000 sf of office space. The project also includes 1,555 below-grade parking spaces; a new street grid reinstated throughout the site, and nearly an acre of public open spaces. A second phase of the project is planned to include a 350-room upscale hotel, along with 110,000 additional sf of retail.