PRESS RELEASES

Two Properties in Charlotte Receive Energy Star Label for First Time Under New Hines Ownership

1/14/09

(CHARLOTTE) – The Charlotte office of Hines, the international real estate firm, announced today that two premier CBD properties it owns and manages – Charlotte Plaza (201 South College Street) and Carillon (227 West Trade Street) – each received the ENERGY STARâ label from the Environmental Protection Agency (EPA) in recognition of exemplary energy conservation.  This is the first time these buildings, which were acquired by Hines in 2007, have earned the label since they were developed in 1982 and 1991, respectively.

With ENERGY STAR scores of 77 and 76, respectively, Charlotte Plaza and Carillon together use over 26 percent less energy and emit 26 percent fewer carbon emissions than the buildings would if they were operating at the national average for energy performance.  These reductions result in annual energy cost savings of more than $500,000 (or a weighted average per foot savings of approximately $0.47) compared to the national average.

 “Our operations and engineering teams have worked diligently to identify areas for greater efficiency,” noted Hines General Manager Michael Delev.  “Over the next few years, we anticipate more improvement as we leverage Hines’ proprietary energy management tools, as well as ENERGY STAR’s tracking resources.”

Hines Vice President Tori Kerr said, “It is notable that our property teams have earned the ENERGY STAR label in only a year-and-a-half of ownership and management.  The label reflects lower operating expenses and enhanced environmental comfort, which are key concerns for tenants.”

Charlotte Plaza is a 625,026-square-foot, 27-story office tower that was completed in 1982 and renovated in 1994. Today, the project is more than 95 percent leased to a prominent host of tenants including:  Adecco Personnel Staffing; Babson Capital, a subsidiary of Massachusetts Mutual Life Insurance; CB Richard Ellis; Edgeview Partners; Grant Thornton, LLC; Hewitt Associates; Moore and Van Allen; Robert Half International; RR Donnelley; and Wachovia.

Carillon is a 472,397-square-foot, 24-story office tower that was completed in 1991. The project is more than 97 percent leased to a list of prestigious tenants including: Cadwalader, Wickersham & Taft LLP; Crosland LLC; Deloitte & Touche USA LLP; Fisher & Phillips LLP; IBM; King & Spalding LLP; US Attorney's Office (Western Division of North Carolina); and Wachovia Corp.

The Hines US Core Office Fund LP (Core Fund) purchased both assets in 2007. The Core Fund, one of Hines’ 27 investment vehicles, owns a geographically diverse portfolio of core office buildings in the U.S., all of which are ENERGY STAR labeled and/or LEED® certified, pre-certified or registered.

In 1998, the EPA created the ENERGY STAR label for buildings – the mark of excellence in energy performance – to recognize and promote excellence in strategic energy management, smart business practices and environmental responsibility.  Overall, the primary objective of the ENERGY STAR program is to improve air quality by reducing greenhouse gas emissions.  More than 12,000 organizations have partnered with ENERGY STAR over the past 15 years.  In 2007, the program helped prevent 40 metric tons of greenhouse emissions and saved more than $16 billion on utility bills.

Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm’s historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes more than 1,100 properties representing approximately 457 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments.  With offices in more than 100 cities in 16 countries, and controlled assets valued at approximately $25.6 billion, Hines is one of the largest sustainable real estate organizations in the world. Visit www.hines.com for more information.