PRESS RELEASES

Renaissance Square in Phoenix Honored by EPA for Energy Conservation

1/5/09

(PHOENIX, AZ) – The Phoenix office of Hines, the international real estate firm, announced today that Renaissance Square’s two buildings received ENERGY STARâ labels from the Environmental Protection Agency (EPA) in recognition of exemplary energy conservation. With ENERGY STAR scores of 90 and 89, respectively, One and Two Renaissance Square use over 40 percent less energy and emit 40 percent fewer carbon emissions than the buildings would if they were operating at the national average for energy performance.  Therefore, together these buildings generate annually more than $1,200,000 in energy cost savings, and carbon emissions savings equivalent to the CO2 emissions from the electricity use of over 1,000 homes. 

Renaissance Square is located in the heart of Phoenix’s CBD on a full-city block.  The property is comprised of two towers connected by a pedestrian sky bridge:  One Renaissance Square, which contains 26 stories and 492,116 square feet; and Two Renaissance Square, which contains 28 stories and 473,392 square feet.

Upon acquisition, Hines’ management team sought to identify measures that would improve energy efficiency and eliminate deferred maintenance.  Some of the measures have been implemented while others are pending, so the buildings’ scores may continue to climb from current levels.

“The ENERGY STAR labels were achieved through the diligent efforts of our engineering and management personnel, who focused on adding value for the building’s tenants and operating as responsible stewards of our natural resources,” noted Hines Group Property Manager Darwyn Harp. 

“Energy management is a top priority for us and our tenants,” said Hines CEO Jeffrey C. Hines. “Since our early involvement in the ENERGY STAR program over a decade ago, ENERGY STAR has proven to be good for our bottom line and good for the environment.”

Designed by Emery, Roth & Sons, Inc., the buildings were completed in 1987 and 1989, respectively.  Today, the project is more than 93 percent leased to a prominent list of tenants including:  Bryan Cave LLP, which is a Partner in the American Bar Association / Environmental Protection Agency Law Office Climate Challenge; Ernst & Young US, LLP; Gammage & Burnham PLC; the General Services Administration; Greater Phoenix Economic Council; Lewis & Roca LLP; Quarles & Brady LLP; and Squire Sanders & Dempsey LLP.

The Hines US Core Office Fund LP (Core Fund) purchased Renaissance Square in December of 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 our 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.