PRESS RELEASES

Major Commercial Real Estate Owner Continues Nation-Leading Energy Conservation Effort In Office Buildings

Four Buildings added To Company's Energy Star Portfolio

9/20/2001

HOUSTON, TEXAS, September 20, 2001 - Hines, the international real estate firm, is being recognized by the Environmental Protection Agency (EPA) for its latest contribution to energy conservation efforts at Hines’ owned/managed properties. The company announced that an additional four of its office buildings have received the EPA’s ENERGY STAR label for outstanding energy conservation. With almost 28 million gross square feet of office space with Energy Star Labels, Hines is the leading real estate company in conservation.

The four buildings that are being recognized are the Kearns Building in Salt Lake City, Utah; Bank of America Center, Austin, Texas; Pacific Gas & Electric (PG & E) building in San Francisco, CA and 101 California also in San Francisco, CA. The buildings are among the 38 Hines owned/managed properties nationwide that have earned the Energy Star recognition.

In 1998, the EPA created the Energy Star label for buildings - the mark of excellence in energy performance - to recognize and promote excellence in strategic energy management, smart business practices and environmental responsibility. The primary objective of the program is to reduce greenhouse gas emissions.

Hines has been an active participant in Energy Star since its inception. Today, Hines-managed buildings represent more than one third of the gross square footage of all privately owned commercial office buildings in the program. In March of this year, the EPA recognized Hines as Energy Star Partner of the Year. Hines’ Energy Star-certified properties include several in Hines’ home city of Houston, including One Shell Plaza, Greenspoint Plaza, Williams Tower and Phoenix Tower. The new Energy Star buildings include the following:

• The Pacific Gas & Electric Building. Located at 245 Market Street, Hines currently serves as a facility manager for PG&E’s total complex. Following the 1989 earthquake in San Francisco, PG&E hired Hines to seismically retrofit the entire structure. The 16-story building contains 486,501 square feet. The building was constructed between 1923-1925.
• The Bank of America Center. Located at 515 Congress Avenue in Austin’s Central Business District, the Hines-owned 26-story building contains 252,000 square feet. It was built in 1975.
• The Kearns Building. Located in the heart of downtown Salt Lake City, the Kearns Building has been a distinctive landmark since 1910. Despite its age, the building is the only commercial building in Utah to receive the Energy Star recognition. Hines acquired the building in 1988. The 10-story building contains 144,163 square feet.
• 101 California. Located in the heart of San Francisco’s financial district, 101 California was completed in 1982. The distinctive tower is cylindrical in shape with articulated edges of alternating bands of granite and glass. The 48-story building contains 1.2 million square feet.

"Hines is committed to value creation for all of its clients and part of that value creation lies in reducing energy costs and energy usage. The benefits are clear for everyone involved and we are extremely proud of our national leadership in this area," said Hines President Jeff Hines.

Hines is a privately owned real estate firm involved in involved in developing, acquiring, leasing and managing real estate, as well as providing extensive global investment management and advisory services. The Hines portfolio currently includes more than 670 properties representing 216 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 78 U.S. cities and 11 foreign countries, and assets in excess of $10 billion, Hines is one of the largest real estate organizations in the world. Access www.Hines.com for more information.