(HOUSTON) – Hines, the international real estate firm, announced today that it has opened a new investment and development office in Raleigh, North Carolina. The office will be led by Paul Zarian, who will be responsible for sourcing and executing new development and investment opportunities in the market.
Currently in the area, Hines, along with co-developer and partner, Columbia Development Group, LLC and USAA Real Estate, are developing Fenton, a new 92-acre mixed-use district in Cary. The development will offer 2.5 million square feet of village-defining retail, office, restaurants, multifamily, and a hotel. The initial phase, projected to open in late 2021, will consist of 348,000 square feet of specialty and experiential retail, including a Cinebistro dine-in movie theater, Wegman’s grocery store, and chef-driven restaurants; 170,000-square feet of office space; 355 multifamily residences; and a 175-key boutique hotel.
“The Triangle’s long-term fundamentals are no secret, and we have dedicated the last few years to identifying and curating the right opportunity to enter the market,” said Zarian. “We were fortunate to have found it in Fenton. Through the creation of a pedestrian-focused, mixed-use village in a location that is accessible to all points in the Triangle, we believe that Fenton will be nothing short of transformative for the region.”
Hines has continuously conducted business in Durham since 2010 when the firm acquired Hock Plaza, a 12-story, 327,160-square-foot office building adjacent to Duke University. Sold in 2017, Hines remains the asset and property manager.
“Our goal is and always will be to be an ideal partner for our customers, investors, and the community,” Zarian added. “We are proud of how Hines’ projects have impacted the cities in which we operate worldwide and are excited to participate in the Triangle’s continued evolution. As we grow our portfolio here, we look forward to building relationships, innovating in the built environment, and ultimately creating special places for the community to enjoy.”
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 219 cities in 23 countries. Hines has approximately $124.3 billion of assets under management, including $63.8 billion for which Hines provides fiduciary investment management services, and $60.5 billion for which Hines provides third-party property-level services. The firm has 148 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,362 properties, totaling over 449 million square feet. The firm’s current property and asset management portfolio includes 514 properties, representing over 222 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.