WASHINGTON, DC-The blockbuster acquisition of Archstone's assets by AvalonBay Communities and Equity Residential was finalized this week. Related to that transaction, Hines has purchased of Archstone's ownership interest in CityCenterDC. Hines is also assuming development responsibility for the two large apartment buildings in the complex.
CityCenterDC is a 10-acre mixed-use development on a 4.5-block parcel bounded by New York Avenue, 9th, H and 11th streets, NW. The project scored a coup last Spring when it inked a lease with Covington & Burling LLP to take 420,000-square feet there—preleasing about 80% of the office space.
Phase II of CityCenterDC is expected to begin in the first half of 2014. It will consist of a 370-room luxury hotel and an additional 73,000 square feet of retail space. A third phase of the project is also being planned by Gould Property Co., and is expected to include 500,000 square feet of office space and 30,000 square feet of retail. The entire development has been accepted into USGBCs pilot program for the LEED Neighborhood Development certification and is expected to achieve LEED Gold at completion.
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