PRESS RELEASES

Hines To Develop New Office Tower In Downtown Denver

5/17/2000

HOUSTON, TEXAS - Hines, the international real estate firm, recently announced plans to develop a 40-story, 600,000-square-foot office building in downtown Denver. This new addition to Denver's skyline will be constructed on a site that Hines has under contract in a joint venture with Global Pacific Properties, the Denver-based real estate investment and development firm. Global will be a partner in the project as well as hold the remainder of the city block for future development. The new building site is bordered by Lawrence, Arapahoe and 15th streets, in close proximity to the Colorado Convention Center, the Denver Performing Arts Center, Hotel Teatro, Larimer Square and the 16th Street Mall. Tenants in the building will enjoy easy access to freeways via Speer Boulevard or Auraria Parkway.

Construction on the new office tower is scheduled to begin in 2001, with completion expected in the first quarter 2003.

The office tower, designed by Pickard Chilton Architects of New Haven, Connecticut, will rise from an articulate stone base to a glass crown. A series of setbacks will form a stepped silhouette on the skyline. Floor plates will range in size from 17,000 to 25,000 square feet. Floor-to-ceiling windows will offer tenants panoramic views of Denver and the mountains. The building's three-story lobby, facing 15th Street, will include 10,000 square feet of retail space. Parking for more than 1,000 cars will be provided in a 10-level garage located within the building.

"We are pleased to be leading the effort to develop a new office tower during the re-emergence of downtown Denver as Colorado's center of business, finance and technology," said Hines Senior Vice President Charlie Baughn. "Our firm's commitment to building quality architecture with lasting value will continue with this new Class A building."

"We are very pleased with the Hines association," said Barry Benware, President of Global Pacific. "We believe that no one in the country is better respected or qualified or could better act as the lead in our development of this unique block." Global Pacific owns and manages office, retail and flex office space and parking facilities throughout the Denver metro area, as well as development ground in Downtown and the North Denver metro area.

Phil Ruschmeyer and Nathan Johnson of Frederick Ross Company, 303/892-1111, are the leasing agents for the property.

"Downtown Denver is evolving into 24-hour city with a great environment for work, housing and entertainment," Ruschmeyer said. "Amenities such as dining, shopping, sporting events, movies, theaters and cultural facilities make the downtown area an exceptional destination."

Hines entered the Denver market in 1983 with the development of the 52-story One Norwest Center. The firm recently completed the 13-story 4600 South Syracuse in the Denver Tech Center and controls 20 acres of land slated for a build-to-suit development in the Meridian Business Park.

Hines is a privately-owned firm involved in developing, managing and acquiring real estate as well as providing a wide range of advisory services. Hines' portfolio includes more than 600 properties representing approximately 190 million square feet of office, mixed-use, industrial, retail and residential properties as well as large master-planned communities and land developments. With offices in 68 U.S. cities and 11 foreign countries, and assets in excess of $9 billion, Hines is one of the largest real estate organizations in the world.