World-Class Destination CityCenterDC Launches Condominium Sales

       World-Class Destination CityCenterDC Launches Condominium Sales

Sales Gallery Unveiled for Foster + Partners-Designed Luxury Residences
Inspiring Modern Cosmopolitan Lifestyle in Heart of Nation's Capital

PR Newswire

WASHINGTON, Jan. 2, 2013

WASHINGTON, Jan. 2, 2013 /PRNewswire/ -- Hines, Archstone and the TFI US Real
Estate Fund, sponsors of CityCenterDC, announced today the commencement of
sales of luxury condominium residences at CityCenterDC, the 10-acre parcel in
the heart of Downtown D.C. that is currently being transformed into a vibrant
blend of residences, offices, shopping, restaurants, hotel and active parks.
The new center for urban living is showcased in an expansive and interactive
sales gallery – at 901 New York Avenue, NW – with an impressive scale model of
the entire development, a fully built-out model residence and a striking view
of the new neighborhood under construction and quickly taking shape.

(Photo: http://photos.prnewswire.com/prnh/20130102/PH35622 )

Designed by London-based, globally recognized architecture firm Foster +
Partners, the 216 condominiums provide homes with open layouts where natural
light and outdoor spaces combine seamlessly to create a unique residential
experience. The one- and two-bedroom residences have access to balconies and
outdoor spaces of up to 900 square feet, and feature signature hallmarks of
Foster + Partners' design, including light-filled modern interiors and
natural-colored materials. Residences are crafted with high-quality, custom
details and environmentally responsible materials that offer thoughtful living
in a modern environment. There are a variety of options for combining multiple
residences. Pricing for the condominiums ranges from $500,000 to $3.5 million.

Construction is well underway with an anticipated delivery in Fall 2013.

The residences will be complemented by more than 60 shops and restaurants,
providing one-of-a-kind shopping and dining destinations for the Washington,
D.C. metropolitan area.

According to The Mayhood Company, exclusive marketing agent for CityCenterDC,
pent-up demand to experience CityCenterDC's residences led to the creation of
a preview list with more than 1,200 names. The Mayhood Company is taking
appointments for those on the list and will be available to schedule
additional appointments in the first quarter of 2013. Prior to the opening of
the sales gallery, the primary point of contact has been the website
www.citycenterdc.com/condominiums.

"We are delighted to offer the Residences at CityCenter to discerning
homebuyers in Washington, D.C. as well as internationally," said William B.
Alsup, III, senior managing director at Hines. "The sales gallery serves as a
gateway to CityCenterDC, which is poised to become a signature destination.
Timeless architecture and thoughtful interplay of public spaces and
pedestrian-friendly walkways integrate living and office space, hospitality,
unique shopping and dining options. It will be an unparalleled place to live
in Downtown D.C."

Jason Jacobson, senior vice president, mixed-use development, at Archstone,
said, "CityCenterDC stands to become the unequivocal centerpiece of Downtown.
We are thrilled for the opportunity to open our doors and invite buyers to
experience the marketing center and a glimpse of what life at CityCenterDC
will offer."

A tremendous amount of consideration was given to each of the residences'
design details, according to Foster + Partners' Senior Partner Armstrong
Yakubu. "Keeping in mind that all buildings have four sides and each reacts
differently - so there's more exposure to sun on the south, less on the north
- we made sure every residence had a large amount of sunlight. Additionally,
building materials and systems were chosen very carefully - making sure
everything was of top quality. All of this was achieved within the framework
of sustainability, and the master plan has been pre-certified gold under LEED®
Neighborhood Development, making the project one of the first in the United
States to receive such an honor."

Open living rooms feature floor-to-ceiling windows that draw on different
exposures to maximize natural light, while Foster + Partners' signature solar
shades on the building facade provide light control. Northern European white
oak flooring further enhances the open, natural feel of the space. All of the
homes provide the ability for residents to extend their living quarters
through outdoor spaces.

Amenities at the premier residences include a concierge; 24-hour security;
fitness center; yoga studio; bar lounge; two expansive roof parks, as well as
a tranquil rooftop water feature; outdoor kitchens and dining room; fire pit;
wine storage; indoor dining room; catering kitchen; executive board room;
guest suite; landscaped terrace; and a spa treatment room. The residences will
also provide their own exclusive property management team, which will
coordinate with personnel servicing other aspects of the development.

"From the scale of the design to the open public spaces, CityCenterDC
represents the highest standard of modern life in the District," said Alsup.
"We look forward to fostering a vibrant community and providing residents with
the utmost attention to design detail and an abundance of upscale dining and
shopping destinations."

CityCenterDC has already realized tremendous marketing success, having leased
80% of its office space to the well-respected law firm Covington & Burling LLP
in one of the largest transactions in the District in 2012. "This place-making
transaction validates our vision for the neighborhood and underscores the
demand leading-edge users have for quality modern space that is alive with
amenities, active public space, transportation and retail," Alsup said. "Our
office tenants will both contribute to and benefit from the emergence of this
exciting new neighborhood."

About CityCenterDC

CityCenterDC (www.citycenterdc.com) is a unique, pedestrian-friendly, 10-acre
mixed-use development, located in the heart of downtown Washington on a
4.5-block parcel bounded by New York Avenue, 9th, H and 11th Streets, NW.
Foster + Partners of London and Washington D.C.'s Shalom Baranes Architects
served as master-plan architects. Phases I and II of the project will contain
more than 270,000 square feet of retail space situated at the base of seven
buildings that encompass 520,000 square feet of office space, 458 rental
apartment units, 216 condominium units a 370-room luxury hotel, a public park,
a central plaza and pedestrian-oriented streets and alleyways.

Construction of Phase I of the project commenced in March 2011. As of year end
2012, the structures associated with the two office buildings, two apartment
buildings and two condominium buildings had reached the "topping out"
milestone. It is further anticipated that these buildings will be able to
accept initial occupants during the fourth quarter 2013. A joint venture
between Clark Construction Group, Smoot Construction of Washington, D.C., and
McKissack and McKissack is the general contractor.

Construction of Phase II of the project is expected to commence in the first
half of 2014. It will consist of an approximately 370-room luxury hotel and
73,000 square feet of additional retail.

Setting a new standard for urban living, the CityCenterDC rental apartments
will respond to the District's growing demand for well-appointed apartment
homes in convenient locations. The apartment interiors will showcase
thoughtful features and functional layouts, including substantial living
rooms, open kitchens and bamboo flooring. Building amenities feature an
outdoor swimming pool, two-story fitness center and rooftop dog walk. The 458
luxury apartments will be available for rent beginning in the fall 2013.

The CityCenterDC retail component will consist of over 60 stores, restaurants
and cafes. CityCenterDC's retail will complement and enliven the existing
downtown retail by providing one-of-a-kind shopping and dining destinations
for the Washington, D.C. metropolitan area. The project will feature a unique
mix of local, national and international brands that will feature quality
retail space with extensive street frontage and dynamic storefronts and
signage. Initial leases are being finalized, and it is expected that a
critical mass of tenants will be committed by spring 2013, with a Grand
Opening scheduled for spring 2014.

About Hines
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 1,208 properties representing
more than 488 million square feet of office, residential, mixed-use,
industrial, hotel, medical and sports facilities, as well as large,
master-planned communities and land developments. With offices in 104 cities
in 18 countries, and controlled assets valued at approximately $23.8 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 Qualite Environnementale and
DGNB green building rating systems. Visit www.hines.com for more information.

About Archstone
Archstone is one of the largest owners of high-quality apartment communities
in the United States and is focused primarily on the acquisition, development,
redevelopment, operation and management of apartment communities in select
supply-constrained, coastal markets. The company's portfolio is concentrated
in many of the most desirable neighborhoods within the metropolitan areas of
Washington, D.C., Southern California, the San Francisco Bay Area, New York
City, Boston, Seattle and Southeast Florida. Archstone strives to provide
great apartment rentals and great service to its customers—backed by service
guarantees. As of September 30, 2012, the company owned or had an ownership
interest in 181 communities in the United States with 57,948 units that were
operating or under construction. In addition to its U.S. portfolio, the
company also has a European operating platform through which it owns and
manages apartment properties in Germany.

About The First Investor (TFI)
TFI is a leading Shariah investment company in Qatar and is regulated by the
Qatar Central Bank. A wholly owned subsidiary of Barwa Bank, TFI is emerging
as one of the most respected investment banking firms within the region,
combining Qatari leadership with both international and local expertise to
provide dedicated services in Investment Banking, Asset Management and Real
Estate Investment. Through its strong international network of relationships
and deep technical expertise, TFI provides a global approach in helping
clients formulate, deliver and manage effective corporate strategies. Visit
www.tfi.com.qa for more information.

About Barwa Bank
Barwa Bank is a Shariah-compliant bank in the State of Qatar, established in
Doha and licensed and regulated by the Qatar Central Bank. With an authorized
capital of QAR 6 billion and paid up capital of QAR 3 billion, Barwa Bank
provides a full range of Shariah-compliant banking services including retail,
corporate and commercial banking, private banking, real estate finance,
structured finance, investments and asset management.

About Tanween
Tanween is a Qatari real estate development management and consultancy firm
operating in GCC and MENA with a network of international consultants and
partners. Tanween's current portfolio of projects under development amounts to
around $22bn. Tanween assists land owners, developers, investment banks and
investors to create commercially viable and sustainable world-class real
estate communities in all asset classes. Tanween's experts provide various
strategies for real estate developments and asset management and comprehensive
project delivery services throughout the development lifecycle. Visit
www.tanween.com.

About Qatari Diar
Qatari Diar Real Estate Investment Company, wholly owned by the Qatar
Investment Authority, was established in December 2004 to support Qatar's
growing economy and co-ordinate the country's real estate development and
investment priorities. Qatari Diar is currently involved in more than 35
projects in more than 20 countries around the world. Visit www.qataridiar.com.

For more information, contact:

Hines – George Lancaster – 713-966-7676

Archstone – Peter Jakel – 720-873-6392

For CityCenterDC: Great Ink Communications – 212-741-2977
Roxanne Donovan: Roxanne@greatink.com
Alyson Leiter: Alyson@greatink.com
Tom Nolan: Tom@greatink.com

This press release was issued through eReleases® Press Release Distribution.
For more information, visit http://www.ereleases.com.

SOURCE CityCenterDC

Website: http://www.citycenterdc.com
 
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