HINES COMPLETES RESTORATION ON 20 WASHINGTON SQUARE’S… - Hines

HINES COMPLETES RESTORATION ON 20 WASHINGTON SQUARE’S REFLECTING POOLS

MINNEAPOLIS – The Minneapolis office of Hines, the international real estate firm, announced today the completion of the restoration and reopening of the two reflecting pools at 20 Washington Square in downtown Minneapolis. The six-story 20 Washington Square office building, along with the two pools that run nearly a full-city block in front of it, were designed by Minoru Yamasaki, the notable architect whose work includes the twin towers of the World Trade Center in New York. In 2008, 20 Washington Square, 100 Washington Square, 111 Washington Square and the Hennepin Avenue Parking Ramp were acquired from ING North America Insurance Corporation (ING) on behalf of National Office Partners Limited Partnership (NOP), Hines’ investment partnership with the California Public Employees’ Retirement System (CalPERS). At the time of purchase, the pools at 20 Washington Square were in need of major repairs and had been inoperable for a number of years.

Originally introduced to the Minneapolis CBD in 1964 when 20 Washington was completed, the pools remain the largest water feature in Minneapolis.

The larger pool measures 244’x48’ and holds 161,340 gallons of water.

The smaller pool measures 72’x48’ and holds 49,750 gallons.

In winter months, the pools are drained.

“This was a complicated project that, now completed, has returned the missing piece to this architecturally significant landmark,” said Hines Vice President John McDermott. “As one of the most recognizable and enduring properties in the city, it is a meaningful step toward the redevelopment occurring around the new Minnesota Twins major league ballpark, Target Field.”

The Washington Square complex is adjacent to the 26-acre North Loop Green land parcel, which is controlled by Hines and is being developed into a complete Minneapolis community uniting residents, businesses and visitors.

Under Hines’ ownership and management, 20 Washington received its ENERGY STAR® from the Environmental Protection Agency in 2008.

The building remains fully leased to ING.

Hines entered the Minneapolis market in 1981 and currently owns and/or manages 6.6 million square feet of Class A office and office/flex properties in the market.

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 more than 1,100 properties representing approximately 454 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments. With offices in more than 100 cities in 17 countries, and controlled assets valued at approximately $25.8 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 in the United Kingdom, France’s Haute Qualité Environnementale and with the German Sustainable Building Council. Visit www.hines.com for more information.

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