(PANAMA CITY, PANAMA) – Hines, the international real estate firm, announced today that it has been retained by Parque Industrial y Corporativo Sur, S.A. to manage the first AAA multi-purpose office/industrial park in Panama.
The 38-hectare (94-acre) development designed by McKinney International, will include approximately 2.5 million square feet of industrial, flex and office space in 15 buildings.
Currently under construction, the development is expected to be completed in 2016. The infrastructure in the project’s first phase is complete, and two anchor industrial facilities are nearing completion, with initial occupancy expected later this month.
Strategically located inside Panama’s metropolitan area, Parque Sur fronts the Corredor Sur and is just three minutes from the Tocumen International Airport.
The development enjoys immediate access to the principal transportation arteries connecting the air and sea ports and highways in and around the city.
Parque Industrial y Corporativo Sur, S.A. President and CEO Salomon V. Hanono W. stated, “At Parque Sur, we feel that the strategic partnership with Hines and the firm’s experience in property management and sustainability will translate in major benefits to our clients, and will create added value to the quality of our asset.”
Hines Vice President Palmer Letzerich said, “Parque Sur represents a unique opportunity for international industrial and office tenants to achieve operating efficiencies associated with the park’s one-of-a-kind location and above-market infrastructure.
The match between the ownership’s approach to quality development, and the Hines approach to property management, presents a unique opportunity for tenants to enjoy the benefits of a location, product and experience that is truly unique to the market in Panama.
We are excited about the opportunity to grow our business in Panama, and to partner with this superior quality asset.”
Hines entered the Panama market in 2005 when it was retained to manage the five-building office complex Business Park at Costa del Este, also in Panama City.
Parque Industrial y Corporativo Sur, S.A. is a privately owned corporation with more than 40 years of experience that has historically focused on commercial, industrial, warehousing and logistics real estate.
The majority of its tenant base is comprised of multinational companies and foreign governments.
For more information, visit http://www.parquesurpanama.com.
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 1,119 properties representing more than 457 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 100 cities in 17 countries, and controlled assets valued at approximately $23 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 Qualité Environnementale and DGNB green building rating systems. Visit www.hines.com for more information.