In July 2002, Hines acquired the long leasehold interest in London's Cannon Centre from Marylebone Warwick Balfour Group. Hines formed a joint venture with Network Rail, owner and operator of Britain's rail infrastructure, to remodel the mainline and underground stations at Cannon Street. The project provides 398,110 square feet (36,999 square meters) of highly specified, contemporary Grade A office accommodation; as well as 8,120 square feet (755 square meters) of retail space in a prime City of London location. The new eight-story office building offers virtually column-free floors of 50,000 square feet (4,672 square meters), directly above one of London’s busiest commuter stations serving 27 million passengers per year.