HOUSTON-Hines is off and running on its newest venture, a 36-story, 678,000-sf office tower in Rio de Janeiro’s CBD. The Houston-based developer acquired the tract in February, getting the deed to adjacent vacant office buildings as well.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.