Hines and Boston Properties Partner on Transbay Tower

Project Approved by San Francisco Planning Commission

(SAN FRANCISCO) — The San Francisco office of Hines announced today two major milestones of its Transbay Tower project, a 1.4 million-square-foot, 61-story icon to be built adjacent to the Transbay Transit Center.

First, Hines recently finalized the formation of a joint venture with Boston Properties (NYSE: BXP) to acquire the project land from the Transbay Joint Powers Authority. The approximately $190 million acquisition is expected to close in the first quarter of 2013.

Hines and Boston Properties each have a 50 percent interest in the venture.

In addition, on October 18, the San Francisco Planning Commission granted final planning approval for the tower to proceed. Designed by Pelli Clarke Pelli Architects (PCPA), the building is slated to be the tallest on the West Coast, with its crown soaring to a height of 1,070 feet.

Hines Chairman Gerald D. Hines commented, “We are very gratified to have both a stellar partner and the city’s nod of approval. We think the tower will be a beautiful addition to San Francisco’s beloved skyline as well as an extremely desirable and sustainable workplace next to one of the state’s busiest transit hubs.”

Mortimer B. Zuckerman, Chairman and CEO of Boston Properties, added, “We are delighted with our partnership with the Hines organization.

Both organizations share the same values of building the highest-quality buildings in the best locations.

The combination of our two organizations will provide superior management at all levels of this extraordinary project, which we are committed to make a landmark for generations to come.”

The Transbay Transit Center project is a visionary transportation and housing project that is transforming downtown San Francisco and the San Francisco Bay Area’s regional transportation system by creating a “Grand Central Station of the West Coast” in the heart of a new transit-friendly neighborhood. The $4 billion project will replace the former Transbay Terminal at First and Mission streets in San Francisco with a modern regional transit hub connecting eight Bay Area counties and the State of California through 11 transit systems. Designed by PCPA, the new Transit Center will feature a 5.4-acre rooftop park. The Transit Center project is a national model for environmentally friendly transit-oriented development.

The Transbay Tower will be built adjacent to the Transit Center and the land sale proceeds will provide additional financing for the Transit Center project.

Hines is a privately owned real estate firm involved in real estate investment, development and management. The firm’s historical and current portfolio of projects underway, completed, acquired and managed includes 1,208 properties representing more than 488 million square feet of office, residential, mixed-use and industrial facilities. With offices in 104 cities in 18 countries, and controlled assets valued at approximately $23.8 billion, Hines is one of the most respected real estate organizations in the world.

Boston Properties is a fully integrated, self-administered and self-managed real estate investment trust that develops, redevelops, acquires, manages, operates and owns a diverse portfolio of Class A office space, one hotel, three residential properties and three retail properties. The company is one of the largest owners and developers of Class A office properties in the United States, concentrated in five markets – Boston, New York, Princeton, San Francisco and Washington, DC.

Contact Hines

Headquarters

Global Headquarters

2800 Post Oak Blvd.
Houston, TX 77056-6188
United States
713 621 8000
Contact Hines

European Headquarters

5 Welbeck St.
London W1G 9YQ
United Kingdom
44 20 7292 1900
44 20 7292 1901 fax

Regional Offices

U.S. East Region

499 Park Ave
12th Floor
New York, NY 10022
United States
212 230 2300

U.S. Midwest Region

1 S Dearborn St
Suite 2000
Chicago, IL 60603
United States
312 419 4900
312 346 4180 fax

U.S. Southeast Region

5 Ravinia Dr NE
Atlanta, GA 30346
United States
770 206 5300
770 206 5325 fax

U.S. Southwest Region

811 Main St.
Suite 4100
Houston, TX 77002-2712
United States
713 237 5600

U.S. West Region

101 California Street
Suite 1000
San Francisco, CA 94111-5894
United States
415 982 6200
415 398 1442 fax

Asia Pacific Region

101 California Street
Suite 1000
San Francisco, CA 94111-5894
United States
415 982 6200
415 398 1442 fax

Eurasia Region

Gasheka Street 6
Ste. 820
Moscow 125047
Russia
7 495 785 05 00

European Region

5 Welbeck St.
London W1G 9YQ
United Kingdom
44 20 7292 1900
44 20 7292 1901 fax

International Offices

Australia

20 Hunter St
Level 11
Sydney, NSW 2000
Australia
61 2 9231 2167

Brazil

Av. das Nações Unidas, 12901
Torre Norte - 6 ° andar
São Paulo 04578-910
Brazil
55 11 5504 7600
55 11 5504 7556 fax

Canada

200 King Street West
Suite 1805
Toronto, ON M5H 3T4
Canada
416 595 1949

China

Hyundai Motor Tower Suite 333
38 Xiaoyun Road, Chaoyang District
Beijing, PRC 100027
China
8610 8453 8855
8610 8453 9866 fax

France

66 Avenue Charles de Gaulle
Neuilly-sur-Seine, IDF 92522
France
33 1 41 45 80 80
33 1 41 45 80 81 fax

Germany

Hardenbergstraße 28a
Berlin D-10623
Germany
49 30 726241 100
49 30 726241 109 fax

Greece

Voukourestiou 19
Athens 106 71
Greece
30 210 364 7895

India

One Horizon Center
12th Floor
Gurgaon, Haryana 122002
India
91 124 480 2222

Ireland

First Floor, Block 2
Clanwilliam Court, Clanwilliam Place
Dublin 2
Ireland
353 1 7999900
353 1 7 999931 fax

Italy

Via Monte Pietà 21
Milan 20121
Italy
39 02 86 33 72 32

Luxembourg

35 F, John F. Kennedy
Luxembourg L-1855

352 264 337 1
352 264 337 37 fax

Mexico

Torre del Angel
Reforma 350
Mexico D.F. 06600
Mexico
52 55 52428809

Panama

Torre B Piso 15
Torre de las Americas
Punta Pacifica, Panama City
Panama
507 028 20 7375
507 300 99 75 fax

Poland

Bonifraterska 17
Warsaw 00-203
Poland
48 22 351 2400
48 22 351 2401 fax

Russia

Gasheka Street 6
Ste. 820
Moscow 125047
Russia
7 495 785 05 00
7 495 785 05 10 fax

Spain

Sor Ángela de la Cruz, 2° - 2° C
Edificio Cuzco III
Madrid 28020
Spain
34 91 703 00 23
34 91 359 89 71 fax

South Korea

Glass Tower, Level 20
534 Teheran-ro, Gangnam-gu
Seoul 06181
Republic of Korea
82 2 6138 3840

United Kingdom

5 Welbeck St.
London W1G 9YQ
United Kingdom
44 20 7292 1900
44 20 7292 1901 fax