PRESS RELEASES

Hines Acquires 6.25-Acre Redevelopment Site In Irvine

Parcel Capable of Supporting More Than 200,000 Square Feet of Future Commercial Development; Existing Structures Slated for Demolition Prior to New Construction

8/29/2006

IRVINE, Calif. – Hines, the international real estate firm, has completed the acquisition of a 6.25-acre land parcel in the Irvine Business Complex (IBC).  According to Doug Holte, western regional partner and director of Hines’ Orange County and San Diego operations, the property is adjacent to the intersection of Jamboree Rd. and Michelson Dr., a premium location within Orange County.

“Hines is pleased to secure its second development location within the IBC, a market we see as having great, long-term fundamentals for future commercial development,” said Holte. “We are beginning to review various use strategies for the land, and anticipate announcing project plans in late 2006 or early 2007. The key to this acquisition is the irreplaceable quality of the real estate and its flexibility to support a variety of commercial uses.”

Hines acquired the parcel from CIGNA Realty Investors. David Whitney of Lee & Associates represented Hines in the acquisition. Steve Schloemer and Patrick Remolacio of Colliers International represented the seller.

The acquired parcel is located at 18582 Teller Ave. in Irvine between Michelson Dr. and Campus Dr.  Currently, the site includes a 120,300-square-foot industrial building that will be vacated in early 2007 by its current occupant, Cisco-Linksys, a division of Cisco. Following the anticipated departure of Cisco’s operation, Hines looks forward to eventually redeveloping the site with innovative buildings and a landscaped environment that is inline with the ongoing redevelopment of other nearby IBC industrial sites. Hines expects this future project to reflect the company’s international reputation for excellence in planning, design, construction and operation when introduced to the marketplace.

About Hines:

Hines is a privately owned international real estate firm involved in real estate investment, development and property management. The Hines portfolio of projects underway, completed, acquired or managed for third parties includes almost 900 properties representing more than 345 million square feet of office, residential, mixed-use, industrial, hotel, medical, retail and sports facilities, as well as large, master-planned communities and land developments. Hines entered the California market in 1979 with the development of downtown San Francisco’s 101 California. The firm’s West Region includes approximately 21 million square feet. With offices in 68 U.S. cities and 14 foreign countries, and controlled assets valued at approximately $12.5 billion, Hines is one of the largest real estate organizations in the world. Visit www.hines.com for more information.