PRESS RELEASES

Hines Announces Renovation Completion Of Torre Del Angel In Mexico City

3/16/2000

Hines, the international real estate firm, announced today that it has successfully completed the renovation of Torre del Angel, a 21-story, 220,000-rental-square-foot office building located at Reforma No. 350 in Mexico City. Hines also announced that The American Express Company will be the new building's anchor tenant with a 10-year contract for 103,000 square feet. American Express is establishing its Mexico headquarters in the new building.

Torre del Angel is located on the famous Paseo de la Reforma, Mexico City's most prestigious avenue, at the plaza of the Angel of Independence, Mexico's best known monument. Hines spent approximately $28 million renovating the formerly vintage 1980's building into one of the most technologically-advanced office buildings in Mexico.

Torre del Angel is the first project in Mexico designed by the world-famous American architectural firm of Robert A. M. Stern Architects. Stern collaborated on the project with the prestigious Mexican architect Eduardo Terrazas. Hines hosted a grand opening gala at the building on March 16, and is moving its Mexican headquarters to the building.

" Torre del Angel is located on the most important, most visible corner in all of Mexico," said Dan Dubrowski, Hines' senior vice president in charge Mexico, "and we wanted our project to honor that location. We are tremendously pleased with the results of this renovation. Our team has once again raised the standards for Class A office buildings in Mexico."

"This building is a great addition to our portfolio in Mexico," said Fernando Fuentes, Hines' project manager in charge of the building's redevelopment, " and we are very pleased to welcome American Express as our anchor tenant. This is the perfect building and perfect location for such a prestigious, global company." Fuentes further added that the completed project was brought in on schedule and on budget.

Hines will serve as property manager for Torre del Angel. The firm also provides facilities management services for the Mexico headquarters buildings for General Motors, 3M and The Coca-Cola Company.

Hines financed its acquisition of Torre del Angel through its Emerging Market Fund, a $410 million fund created by Hines, Trust Company of the West and Dean Witter Realty, Inc. to finance the acquisition, renovation and development of office, residential and mixed-use properties in emerging market countries. Investors in the fund are primarily U.S. and foreign pension funds. The Emerging Market Fund is also providing financing for the 750-acre Parque Industrial Querétaro and the 25-acre Parque Industrial Tecnológico in Guadalajara. The Querétaro project is being developed in conjunction with Metropolis and Desarrollos Residenciales Turísticos.

Hines has been active in the Mexican real estate market since 1975. Hines and Metropolis developed a 160,000-square-foot office building which was purchased by The Coca-Cola Company for their Latin American headquarters. That building is part of their 800,000-square-foot, office and residential project known as Del Bosque in Mexico City's Polanco district. Del Bosque also includes two 30-story luxury condominium towers.

Headquartered in Houston, Texas, Hines is a privately owned real estate firm involved in developing, managing, leasing and acquiring real estate as well as providing a wide range of advisory services. The Hines portfolio currently includes more than 600 properties representing 180 million square feet of office, mixed-use, industrial, retail and residential properties as well as large master-planned communities and land developments.