CityCenterDC Signs Letter of Intent with Covington & Burling… - Hines

CityCenterDC Signs Letter of Intent with Covington & Burling LLP

Global Corporate, Litigation and Regulatory Law Firm Commits to More than 400,000 SF

(WASHINGTON, D.C.)

– Hines, Archstone and the TFI US Real Estate Fund, developers of CityCenterDC, confirmed today the execution of an exclusive letter of intent with Covington & Burling LLP as the anchor office tenant of its landmark, mixed-use development in downtown Washington, D.C.

CityCenterDC is one of the largest downtown developments currently underway in the United States. Upon execution of the lease, the office space, One and Two CityCenter, will be more than 80 percent pre-leased.

 Covington, founded nearly a century ago in Washington, D.C., is recognized as a leading international law firm, with more than 800 lawyers with offices in Beijing, Brussels, London, New York, San Diego, San Francisco, Silicon Valley and Washington.

Additional offices in Shanghai and Seoul are awaiting regulatory approvals, which are expected later this year.

The law firm plans to occupy approximately 420,000 square feet and move into its new space in 2014.

“CityCenterDC offers a modern, efficient space from which our lawyers and staff can deliver the highest possible level of service to our clients around the globe,” said Timothy Hester, chair of Covington’s management committee.

“We look forward to being part of the revitalization of this historic neighborhood in downtown D.C.”

The First Investor (TFI) is the investment banking arm of Barwa Bank, one of Qatar’s leading Shariah compliant financial institutions.

In addition to managing the US Real Estate Fund, TFI is co-investing alongside the Fund’s anchor investor Qatari Diar, the real estate investment arm of the Qatar Investment Authority.

TFI has built a strong track record in major investment banking deals and global real estate funds over the last three years and is emerging as a prominent transactions, advisory services and fund management company.

The Fund is advised by Tanween, a leading Qatari company specializing in destination development and project management.

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 295,000-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 350-room luxury hotel and nearly an acre of open spaces.

Construction of Phase I of the project commenced in March 2011.

As of May 2012, the structures associated with the two office buildings, two apartment buildings and two condominium buildings were above-grade.

It is anticipated that these buildings will be “topped out” by the Fall 2012 and be in a position to accept initial occupants during the Third Quarter 2013.

A joint venture between Clark Construction Group and Smoot Construction of Washington, D.C. is the general contractor.

Setting a new standard for urban living, the CityCenterDC apartments, Archstone CityCenter, 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 and open kitchens.

Outside of their apartments, residents will have access to a comprehensive array of services and amenities designed to enhance the daily living experience. The 458 luxury apartments will be available for rent beginning in the Fall 2013.

The CityCenterDC condominiums, the Residences at CityCenter, designed by internationally-respected Foster + Partners, will be stunning architectural additions to downtown Washington.

The well-appointed, sophisticated condominium residences will feature custom European kitchens, built-in wardrobes and floor-to-ceiling glass that will allow abundant natural light into the home.

All of the homes will offer access to a balcony or Juliet balcony.

Eleven of the homes will have a true rarity, the exclusive use of private terraces.

It is anticipated that sales of units will commence in the Fall 2012, with the opening of the Sales Center.

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 lease 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 in place by Fall 2012 with openings beginning as early as Fall 2013.

 

About Covington & Burling LLP

Covington & Burling LLP is known for the high quality of its work, its in-depth knowledge of key industries, its sophistication in complex regulatory, corporate and litigation matters, deep loyalty to its clients, and its commitment to the highest professional and ethical standards.

The firm advises and represents major companies of all types, and has particular expertise in the software and high-technology industries, pharmaceutical, biotechnology and life sciences sector, oil and gas sector, defense industry, consumer products and branded goods industry, financial institutions industry, and media sector.

Covington & Burling also has significant experience advising foreign governments and international organizations, including extensive work for clients in the Middle East active in virtually all sectors of the region’s economy.

Visit www.cov.com for more information.

Founded nearly a century ago in Washington, DC, Covington & Burling LLP is recognized as a leading international law firm, with more than 800 corporate, litigation and regulatory lawyers practicing in Beijing, Brussels, London, New York, San Diego, San Francisco, Silicon Valley and in Shanghai and Seoul pending regulatory approvals expected later this year.

Visit www.cov.com for more information.

About Hines

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 for third parties includes 1,192 properties representing more than 482 million square feet of real estate.

With offices in 110 cities in 18 countries, and controlled assets valued at approximately $22.9 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 Qualité Environnementale and DGNB green building rating systems.

Visit www.hines.com for more information.

About Archstone

Archstone is a recognized leader in apartment investment and operations.

The company's portfolio is concentrated in many of the most desirable neighborhoods in and around Washington, DC, Los Angeles, San Diego, San Francisco, New York, Seattle and Boston. Archstone strives to provide great apartments and great service to its customers—backed by service guarantees.

As of March 31, 2012, the company owned or had an ownership position in 434 communities located in the United States and Europe, representing 73,135 units, including units under construction.

Visit www.archstoneapartments.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 emerging as 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 & 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 Shariah-compliant banking services including retail, corporate and commercial banking, private banking, real estate finance, structured finance, investments and asset management.

About Tanween

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.

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