PRESS RELEASES

Hines And Washington Capital Management Proceed On Plans To Develop Tower 333 In Downtown Bellevue, Wa

3/6/2006

(SEATTLE, WA) – The Seattle office of Hines, the international real estate firm, and Washington Capital Management, today introduced plans for Bellevue’s premier office building, Tower 333.  Located on the southwest corner of the intersection of 108th Avenue NE and NE 4th Street, in the heart of the central business district, the new tower will rise 20 stories and comprise approximately 400,000 square feet.

Designed by LMN Architects (www.LMNArchitects.com), Tower 333 will be clad in highly transparent glass maximizing the site’s views west to Lake Washington and the Olympics, south to Mt. Rainier, and east to the Cascades.  Tower 333 will also maximize natural light in tenant spaces with full-height windows and 10’ finished ceiling heights, a first for Bellevue.  Flexible 23,000-square-foot floor plates, some of the largest in Bellevue, will provide for efficient space planning.  State-of-the art, energy-efficient operating systems will be included.  An inviting, half-acre outdoor plaza is planned for the project, as well as a below-grade parking garage capable of offering tenants three stalls per one thousand square feet.  Due to the “green” nature of the project, Hines is applying for LEED pre-certification for Tower 333.

According to Hines Senior Vice President Colin Shepherd, “Tower 333 will be built on the best site at the best location in Bellevue.  Because the site has already been excavated and includes a partially constructed parking garage, we are essentially eight months ahead of schedule, and we will be ready for occupancy before the end of 2007.”

Plans to develop the new tower have been swiftly moving forward over the past six months.  The partnership has completed design development, and construction drawings are well underway.  Below-grade construction work will re-commence in June, and above-grade work will begin in August. 

“We are pleased to introduce Tower 333 to Bellevue,” said Hines Project Manager Ty Bennion.  “Across the country, we are seeing employers emphasize the importance of attracting and retaining high-value, knowledge-based employees.  This building will provide tenants with a myriad of employee benefits: easy access, breathtaking views, an abundance of natural light, access to green space, superior air quality, ample parking, and rich nearby amenities – all of which have been shown to increase employee productivity.  Tower 333 will set a new standard of office environments in the area.”

 “This is a superior site, located on one of the most prominent intersections in Bellevue,” said Washington Capital Management’s representative Cory A. Carlson, director, Equity Real Estate.  “It was important for us to find an experienced partner with a highly successful track record who could maximize the site’s potential and the project’s value.  We are very pleased to be working with Hines.”  

The partnership has chosen LCL as General Contractor; Magnuson Klemencic as structural and civil engineer; ME Engineers as mechanical engineer, and McLeod Record will provide landscaping services.  Jeff Watson and Joe Razore of the Broderick Group are the marketing representatives for Tower 333.

Washington Capital Management, Inc., founded in 1978, is an independent48-person, employee-owned investment advisory firm headquartered in Seattle, Washington, with branch offices in Spokane, Portland, San Diego and Anchorage. Starting in 1987 with contributions from several Taft-Hartley pension trusts, an investment strategy was created to invest in construction and permanent mortgages for union-built projects.In 1996, Washington Capital Management initiated investment in real estate equity projects. Washington Capital Management now manages nearly $1.4billion in real estate mortgages and equities through pooled funds and separate accounts for Taft-Hartley pension trusts.  In 2006 Washington Capital Management was named among the 50 largest US Real Estate investment advisors ranked by institutional tax-exempt real estate assets under management, by Pension & Investments. Total assets under management exceed $2.5 billion in stocks, fixed-income securities, real estate and cash. More information on Washington Capital Management can be found at www.wcmadvisors.com.

Hines entered the Washington state real estate arena in 1981 with the development of the 1.2 million-square-foot Seafirst Fifth Avenue Plaza in Seattle (now Bank of America Fifth Avenue Plaza), and the 350,000-square-foot Seafirst Financial Center in Spokane.  In 1999, Hines opened its first Eastside project, the 430,000-square-foot Cedar Court development in Redmond, followed in 2001 by the 480,000-square-foot One Twelfth at Twelfth project in Bellevue.  In 2002, the firm developed the 40-story, 845,000-square-foot IDX Tower at Fourth & Madison in downtown Seattle, and in 2003, developed the five-story, 100,000-square-foot Evergreen Plaza in Kirkland.

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 830 properties representing over 330 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 64 U.S. cities and 14 foreign countries, and controlled assets valued at approximately $11.7 billion, Hines is one of the largest real estate organizations in the world. Access www.hines.com for more information.