PRESS RELEASES

Hines Signs Second Office Tenant at 1180 Peachtree Tower in Midtown Atlanta

Earnest Partners Moving in April 2006

5/25/2005

(ATLANTA, GA) – Hines, the international real estate firm, announced today that Earnest Partners, an investment management firm headquartered in Atlanta, has signed a long-term lease for 17,000 square feet at 1180 Peachtree, the new 41-story office tower Hines is developing at the corner of Peachtree and 14th streets in Midtown Atlanta.  Earnest Partners, which advises on more than $15 billion in investment products, will move into the new tower when it opens in April 2006. The firm presently has offices across the street at 75 Fourteenth Street.

Earnest Partners is the second firm to sign an office lease in the building, and will occupy the majority of the 23rd floor. The law firm of King & Spalding LLP is the anchor tenant, leasing 440,000 square feet on 18 floors in the building, including the top 15 floors.

Additionally, Hines announced in January that it has leased 13,000 square feet to restaurateur Bob Amick for a French-inspired, upscale restaurant.

The 670,000-square-foot building will be built alongside the Atlanta Symphony Orchestra’s planned Symphony Hall. 1180 Peachtree recently celebrated its “topping out” of the top floor of construction. With the addition of Earnest Partners, 1180 Peachtree is more than 70 percent leased with 10 months of construction remaining. Other office tenant leases are in negotiation, and further announcements are expected in the coming months.

“We are excited to welcome a company with such high quality and standards as Earnest Partners,” said John Robbins, Hines’ project manager for 1180 Peachtree.

Frank Quatro and John Poulos of Equis Corp. represented Earnest Partners in lease negotiations.

1180 Peachtree is financed and owned by National Office Partners Limited Partnership (NOP), a partnership of the California Public Employees’ Retirement System (CalPERS) and Hines.

NOP was formed in 1998.  The investment partnership currently owns a portfolio of Class A office assets valued at approximately $935 million.  NOP assets are located in Atlanta Boston, Chicago, Houston, San Francisco and Seattle.  For further information on NOP, refer to www.noplp.com.

CalPERS is the nation’s largest public pension fund with assets totaling more than $182 billion, of which $11.4 billion is invested in real estate.  The System provides retirement and health benefits to more than one million state and public employees and their families.  For further information on CalPERS, please visit the System’s Web site at www.calpers.ca.gov.