Hines Gains First Panama Assignment

PANAMA CITY-A diversified wealthy family here has tapped Hines to manage their 538,000-sf suburban office complex under construction just outside this city’s CBD. The five-building complex–the first of its kind in the country–is 60% preleased and scheduled for completion in July.Known as Business Park at Costa del Este, the 9.3-acre complex is situated off the Corredor Sur Toll Road. It comprises four glass and aluminum-clad, class A office buildings–two at four stories and two at seven stories–and a single-level amenity building which houses a gym and restaurant facilities. The buildings total 538,000 sf. The property also holds a 1,400-slip, two-level parking garage and 107,000 sf of landscaped area.Tenants already signed on for space include COPA Airlines, a Continental Airlines subsidiary; Telefónica; Johnson & Johnson; and Adidas. Tenant space construction work is under way, with occupancy expected in August.Lyman Daniels, vice president and director general for Hines’ Mexico operations, tells GlobeSt.com the developer is the Motta family, which has interest in a number of different business platforms in Panama. “When they went forward to build, they wanted to do something to international standards, which is why they hired a prestigious architecture firm [KMD Architects of Mexico City],” he says. “When they got halfway through construction, they realized they wanted professional management as well.”The Hines team, led by director of operations Roger Vasquez and property manager Jose Luis Aquino, is currently on-site assisting ownership with startup issues. Among other things, the team is assisting with the commissioning and receiving various building mechanical systems.”We have become very proficient in sending out start-up teams with experience in management and working in Latin American cultures; we’ve been managing projects here in Mexico for over 10 years,” says Daniels. “On a long-term basis, we hope to take on additional projects in Panama, but right now we are concentrating on this development, which we are convinced is probably the best product we can find in that country.”