Hines has added a fifth level to the site's unfinished four-story office tower and is making plans to convert two vacant structures into a 15-story, 420-space parking garage. The office building facades, which have historical significance, will be preserved.

The high-rise, Torre Almirante, is being financed through the Hines Emerging Markets Real Estate Fund II. It is one of two funds earmarked for developments in emerging markets such as China. Poland, Spain and Germany. The funds contain $1 billion in equity.

"Torre Almirante will be one of the most outstanding buildings in Latin America," said Ronald Ansbach, Hines project manager. The building, which is replete with intricate design details, was designed by the renowned Robert A.M. Stern and production architects, Pontual Arquitetura of Brazil.

The Rio de Janeiro office tower is just the latest in a series of projects that Hines has developed south of the US border. Its Louveira Distribution Park consists of nearly 1.2 million sf of distribution space. Hines also is working on 480,000 sf of office space in the nine-building Panamerica Park as well as International Plaza, a mixed-use office, hotel and convention complex. Hines has other projects in various stages of development in Buenos Aires, Sao Paulo, Guadalajara, Mexico City and Queretaro.