Norwegian Cruise Line Signs Headquarters Expansion Lease in Airport Corporate Center in Miami

(MIAMI, FL) – Hines, the international real estate firm, announced today that Norwegian Cruise Line (NCL) has signed a long-term lease renewal and expansion of its headquarters in Airport Corporate Center (ACC), an 11-building office campus located in the Airport West/Doral submarket of Miami.

NCL now leases a total of 208,737 square feet or approximately 20 percent of the Airport Corporate Center campus, including all of Building 11 and 65 percent of Building 10. James Travers of Travers Realty represented the tenant in lease negotiations and Hines Asset Manager Gonzalo Cortabarria represented the property owner, Hines Real Estate Investment Trust, Inc. (“Hines REIT”). Since acquiring ACC in January, new leases, expansions and renewals totaling approximately 90,000 SF have been completed by Hines REIT.

NCL plans a full renovation of its space, including the addition of a cafeteria, a fitness facility and a conference facility.

“We are pleased that NCL has chosen to reinvest itself in our campus and management staff,” commented Cortabarria. “With NCL’s planned refurbishments and other improvements that will be made at the property over the next years, we expect Airport Corporate Center to further enhance its position as one of the elite office campuses in the West Dade market.”

NCL Corporation President and CEO Colin Veitch said, "This expansion represents not only the attractiveness of the Airport Corporate Center, but also our continuing commitment to Miami, where we have been headquartered for our entire 40-year history. This lease will take us beyond our 50th year as one of Miami's largest employers and fastest growing companies.”

The property is now 94 percent leased to an array of other prominent national and regional tenants including: Assurant Health; Assurant Benefits; General Electric; United Health Care; Bell South; Tyco Health Care and URS.

The 45-acre office park is home to 11 buildings totaling 1,018,477 square feet, plus a fully entitled 5.46-acre development site that could accommodate an additional 146,000 square feet of office space. Of the 11 buildings, six are multi-story office buildings, four are single-story office flex buildings; and one is a warehouse. Of significance, and in light of the 2005 hurricane season, Airport Corporate Center has redundant electrical services and never lost power during Hurricanes Katrina or Wilma.

Hines’ experience in the Miami-Dade area includes the development, in 1984, of the 55-story Wachovia Financial Center, and in 2004, the 12-story 2525 Ponce de Leon building in Coral Gables.

This is Hines REIT’s first acquisition in Florida. Hines manages and leases Airport Corporate Center on behalf of Hines REIT.

Hines REIT is a Houston-based public real estate investment trust sponsored by Hines. Hines REIT commenced operations in November 2004 and primarily invests in institutional-quality office properties located in the United States. Hines REIT currently owns interests in 22 office properties located in Atlanta, Chicago, Dallas, Houston, Los Angeles, Miami, New York, Richmond, Sacramento, San Diego, San Francisco, San Mateo, Seattle and Washington D.C. For additional information about Hines REIT, please see www.hinesreit.com.

Hines is a fully integrated real estate investment and management firm that has been investing in real estate and providing acquisition, development, financing, property management, leasing or disposition services for over 49 years. With offices in 64 U.S. cities and 15 foreign countries, and controlled assets valued at approximately $13.5 billion, Hines is one of the largest real estate organizations in the world. Access www.hines.com for more information on Hines.

Statements in this news release, including but not limited to those relating to intentions, beliefs, expectations, projections, plans or predictions, including effects and results of the acquisition and other statements that are not historical facts are forward looking statements that are based on current expectations and assumptions that may prove incorrect or inaccurate. Important factors that could cause actual results to differ materially from those in the forward looking statements include risks associated with property acquisitions, changes in general economic and real estate market conditions, interest rate fluctuations, competition, dependence on tenants’ financial condition, dependence on Hines and other risks described in the “Risk Factors” section of Hines REIT’s Registration Statement on Form S-11 and its other filings with the Securities and Exchange Commission.

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
44 20 7292 1900

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