Hines, the international real estate firm, and Monthisa of Spain announced today that they have formed a joint venture to develop a new 'Class A' office building in Madrid. The development, named Edificio Portico, will be located in Campo de las Naciones, MadridÂ's premier business park in close proximity to downtown and Barajas International Airport.
Portico is a 215,000-square-foot building on seven floors that will include a 2 1/2 story, below-grade garage with 365 parking spaces. Construction will begin in early 2003, with completion scheduled for late 2004. The investment in the project represents approximately $80 million.
Edificio Portico was designed by Skidmore, Owings & Merrill (SOM) along with Spanish architect Rafael de La-Hoz. In addition to its ideal location at the M-40 Ring Road and Avenida de los Andes at the main entry point to Campo de las Naciones, tenants will enjoy nearby services including hotels, shopping centers, restaurants, convention centers, a public golf course and the 420-acre Juan Carlos I Park.
'We are pleased to be partnering with Monthisa and to be developing our first project in Madrid,' said Hines Project Manager Lee Mays. 'Edificio Portico will offer all the amenities of the CBD in an easily accessible and prominent location.'
'Our teams match in a way that we can offer a building with high international standards that will be adapted to the needs and characteristics of the Spanish users,' said Monthisa Real Estate Director Santos Montoro.
SOM is one of the leading architectural firms worldwide and has completed in excess of 10,000 projects in more than 50 countries. Rafael de La-HozÂ's studio has more than 80 years of experience including the design of headquarters buildings for Endesa (SpainÂ's largest electric company), the Spanish Olympic Committee and Telefonica.
Monthisa is a privately owned firm that has successfully created companies involved in different sectors such as textile, fashion and construction. However, its core business has always been real estate development. Monthisa is headquartered in Madrid with offices in Seville, Malaga, Cordoba and Murcia. For more information about Monthisa, visit www.monthisa.com.
HinesÂ' entrance into the Spanish real estate market began in 1996 with the acquisition of an 84-acre property in Barcelona where it is developing Diagonal Mar, a mixed-use center comprising a shopping mall, five residential phases, three hotels, three office buildings and the fourth-largest public park in the city. Hines is a privately owned real estate firm involved in developing, acquiring, leasing and managing real estate, as well as providing extensive global investment management and advisory services. With offices in 76 U.S. cities and 11 foreign countries, and controlled assets valued in excess of $13 billion, Hines is one of the largest real estate organizations in the world.