CityCenterDC Signs Lease With American Hospital Association
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." About CityCenterDC 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.
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