Construction on Edificio Portico will begin in early 2003. Delivery is planned for late 2004. The US architectural firm of Skidmore, Owings & Merrill will design the building along with Spanish architect Rafael de La-Hoz.

The Houston-based Hines entered Spain's real estate market in 1996 when it bought 84 acres that are now being developed into a mixed-use project. Diagonal Mar consists of a shopping center, five residential phases, three hotels, three office buildings and the fourth largest public park in the city.

Santos Montoro, Monthisa's real estate director, said in a press release that the teaming with Hines will "offer a building with high international standards that will be adapted to the needs and characteristics of the Spanish users." The development tract is located near hotels, shopping centers, restaurants, convention centers, a public golf course and the 420-acre Juan Carlos I Park.