Hines has formed a joint venture with DLF Ltd. to develop the real estate company's first project in India.
The Houston real estate firm opened an office in India earlier this year and named Daniel MacEachron as managing director of Hines India Real Estate Pvt. Ltd., said George Lancaster, a spokesperson for Hines. MacEachron had previously worked in Hines' San Francisco office.
"Since the opening of the office we have been looking for the right project," Lancaster added.
The companies will be working on a 15-acre site near DLF's residential community along Golf Course Road in Gurgaon, India, a southwest suburb of New Delhi.
DLF is India's largest real estate company.
The venture has selected New York City architecture firm Robert A.M. Stern Architects to develop a master plan for the entire site as well as design the first phase of the complex -- a 30-story office tower of 860,800 square feet with ground-floor retail space and a garage.
Hines and Stern have previously collaborated on several projects in the United States, Mexico and Brazil.
"The standards are coming up in India which is another reason this is an exciting project," Lancaster said. "DLF appreciated the design that Robert Stern came up with, and we think this will be a jewel in that part of India."
Hines also said the plan ultimately may include high-end retail shops, restaurants and entertainment venues, a hotel and landscaped exterior and interior public spaces, as well as serviced apartments and a second office tower.
The total mixed-use complex is envisioned to include about 2.5 million square feet.
Source: IndiaRealEstateblog
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