Hines Sells 1200 Nineteenth Street to Fosterlane - Hines

Hines Sells 1200 Nineteenth Street to Fosterlane

(WASHINGTON, D.C.) – Hines, the international real estate firm, announced today that 1200 Nineteenth Street, a trophy-class, 11-story LEED® Platinum office building in downtown Washington, D.C., has been sold to Fosterlane.

Financials on the deal were not disclosed.

The building owner, the Hines U.S. Core Office Fund, was represented in the transaction by HFF.

 “We are happy to have selected Fosterlane as the new owner of 1200 Nineteenth Street. Together we share a 30-year history of successful real estate investment and development,” said Hines Senior Managing Director Chuck Watters.

“This sale underscores the strength and stability of the downtown D.C. office market.

Hines is committed to continue to build on our high level of activity in D.C., particularly with further investment and development opportunities.”

1200 Nineteenth Street is 86 percent leased to tenants including: McKinsey & Company, Inc., United States; Squire Sanders (US) LLP; Navigant Consulting, Inc.; Womble Carlyle Sandridge & Rice LLP; and MOI, Inc. In addition to the office tenancy, the building includes 23,000 square feet of retail space that is fully leased to restaurants and a men’s fashion retailer.

1200 Nineteenth Street was originally completed in 1964 as a 245,000-square-foot, eight-story office building.

In 2003, the Hines U.S. Core Office Fund acquired the property and, in October 2007, implemented a redevelopment program, adding three stories to the building, which expanded the property to 340,000 square feet.

The redevelopment also included:

elevator upgrades; new mechanical, electrical and plumbing systems; replacement of the existing façade with a high-efficiency glass curtain wall and full-height glass retail storefronts; new paving and landscaping; new amenities including a “green” planted roof with a deck; and the addition of a fitness center.

After completion of the redevelopment in June 2009, 1200 Nineteenth earned its LEED Platinum certification, and is still one of the few multi-tenant office buildings in D.C. with that designation.

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 1,273 properties representing more than 514 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments.

Currently, Hines manages 406 properties totaling 148.5 million square feet, which includes 78.3 million square feet for third parties.

In D.C., Hines owns/manages 4.9 million square feet for itself and for third-party owners.

With offices in 113 cities in 18 countries, and controlled assets valued at approximately $24.3 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.

 1200 Nineteenth Street

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