Hines Buys Archstone Out In $700M CityCenterDC Project

Law360, New York (February 28, 2013, 4:37 PM EST) -- Property manager Hines Interests LP has bought Archstone Enterprises LP's stakes in their CityCenterDC joint venture, a $700 million mixed-use development going up in downtown Washington, D.C., which will be anchored by Covington & Burling LLP, the companies announced Thursday.

The deal was done in connection to Archstone's imminent $6.5 billion sale to Equity Residential and AvalonBay Communities Inc, the companies said. It now leaves Hines and Barwa Bank-backed TFI US Real Estate Fund, as well as certain limited partners, as the sole joint venture partners, and makes...
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