PRESS RELEASES

Cargill Signs Lease With Hines for Eighth Floor in 2525 Ponce De Leon

Cargill to Move Latin American Headquarters from Another Location in The Gables

6/7/2005

(CORAL GABLES, FL) – Hines, the international real estate firm, announced today that Cargill has signed a lease for the eighth floor at 2525 Ponce de Leon, Hines’ new 250,000-square-foot office high-rise in downtown Coral Gables.

Cargill, an international provider of food, agricultural and risk management products and services, will move its Latin America corporate headquarters from another location in Coral Gables.  Their new 21,857-square-foot space will be completed in October and will accommodate approximately 90 employees.  Cargill was represented by CB Richard Ellis’ First Vice President Michael Klotz and Associate Jeffrey Hartsook.

Michael Klotz commented, “While Coral Gables’ vacancy and sublease availabilities have been tightening, we reached an optimal agreement for the city’s finest new office product at a favorable market rate.

Hines’ Project Manager Gonzalo Cortabarria added, “Cargill is a prestigious tenant and their tenancy brings our occupancy up to 60%.  We are aggressively working with brokers to fill the building by year’s end.”

Located one block south of Miracle Mile, 2525 Ponce de Leon was designed by Smallwood, Reynolds, Stewart, Stewart & Associates and is part of a mixed-use development, which includes an existing office building, condominiums, retail and a public garden.  Hines broke ground on 2525 Ponce de Leon in June of 2003, and the building was completed in September 2004. 

Other tenants include the law firm of Adorno & Yoss; the law firm of Kozyak, Tropin & Throckmorton; Raymond James, a financial services firm; Schumann/Steier, an international petroleum marketing firm; IVC Television, Inc.; Wachovia Bank; PeopleSoft, a global software company; Fleming’s Prime Steakhouse and Wine Bar; La Cofradia, an upscale Mediterranean restaurant; and Sacha’s courtyard café.

Founded in 1865 as a single grain elevator in the United States, Cargill employs more than 100,000 people in about 60 countries, and serves five key customer segments: crop and livestock, food, health and pharmaceutical, financial and risk management, and industrial.  Visit www.cargill.com to learn more.

Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The Hines portfolio of projects completed, underway, acquired and managed for third parties includes more than 700 properties representing over 244 million square feet of office, mixed-use, industrial, hotel, medical, sports facilities and residential properties, as well as large, master-planned communities and land developments.  With offices in 63 U.S. cities and 12 foreign countries, and controlled assets valued at approximately $11 billion, Hines is one of the largest real estate organizations in the world. Access www.hines.com for more information.