PRESS RELEASES

Hines Acquires Mountain View Corporate Center in Broomsfield, CO

Eighth Acquisition for Firm's U.S. Office Value Added Fund

4/21/2006

(DENVER, CO) — The Denver office of Hines, the international real estate firm, announced today that the firm’s U.S. Office Value Added Fund has purchased Mountain View Corporate Center in Broomfield, CO, from Legacy Partners and one of Goldman Sachs’ Whitehall Street Real Estate Funds.  The 461,000-square-foot office campus, which is comprised of three three-story buildings and one four-story building, is located at the entrance to the Interlocken Office Park along the U.S. 36 corridor between Denver and Boulder.  The property was developed by Legacy from 1999 to 2001.

“We are excited to have purchased such a high-quality asset in this dynamic suburban market,” said Hines Senior Vice President and fund manager Dave Congdon. “Mountain View Corporate Center presents a great opportunity to own a Class A campus in a location that will benefit from the continued economic growth of the Denver and Boulder metro areas.  Including this acquisition, the Fund is nearly 80 percent invested.”

Hines will manage the property, which is currently 83 percent leased to tenants including Whitewave Foods, Zoll Data Systems, and Acxiom Corporation.  Hines plans to add value to the asset by leasing the existing vacancy and addressing the near-term rollover which will leave the building at 72 percent leased.

Executive Directors Michael T. Winn and Timothy P. Richey of Cushman & Wakefield of Colorado represented the seller in the transaction.  Hines represented itself.

Hines Senior Vice President Charles Elder commented, “We are pleased to be entering such a dynamic market with the acquisition of this fine office campus.  This transaction is evidence of Hines’ commitment to acquiring, developing and owning properties in all of the major Denver submarkets.”

Legacy Partners Commercial, Inc. is a privately held real estate company operating throughout the western United States. Since 1972, Legacy has acquired, developed or managed 108 million square feet of commercial property and currently manages a portfolio valued at $2.4 billion. With a focus on office, R&D and industrial properties in select, growth-oriented markets, Legacy offers an array of services including investment management, property management, marketing and leasing, asset management, acquisitions and development, disposition services, design services and construction management. Headquartered in Foster City, CA, Legacy has regional offices in San Jose, Los Angeles, Long Beach, Irvine, Mission Viejo, Denver and Seattle.  For more information, visit Legacy Partners online at: www.legacypartners.com.

Hines’ involvement in the Denver real estate market began in 1983 with the development of the Wells Fargo Center (aka “the cash register building”). In 1999, the firm developed 4600 South Syracuse, and currently has plans to develop 1515 Wynkoop, an office and retail project in the heart of LoDo.

The Hines U.S. Office Value Added Fund was formed in December 2003 to acquire office properties in CBD and suburban markets where value can be created through leasing, redevelopment and operating strategies.  It is a closed-end fund capitalized with equity commitments from major public and private pension funds, foreign and domestic insurance companies, a university endowment, and a group of high-net-worth, individual investors.

Previous acquisitions include:  One Ravinia Drive in Atlanta; Union Bank Plaza in Los Angeles; Capital Center in Rancho Cordova, CA; 20 Independence in Warren, NJ; Westwood of Lisle in Lisle, IL; One Northwestern Plaza in Southfield, MI; and Bank of America Center in Houston.

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 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. Access www.hines.com for more information.