PRESS RELEASES

Hines Unveils Design of 2211 Michelson

Internationally Recognized Developer Enlists DMJM to Design World-Class "Jewel Box" Office Building to Anchor Orange County's Emerging Michelson Corridor

11/18/2005

(IRVINE, CA) – Hines, the international real estate firm, today unveiled design plans for its first ground-up development project in Orange County, a distinctive building crafted by architects of DMJM Design and now officially known as 2211 Michelson. The project is a joint venture development with Crescent Real Estate Equities Company (NYSE: CEI). As designed, 2211 Michelson will be a 12-story building, offering 261,000 square feet of modern, Class A office space featuring high-quality interior and exterior finishes and lush landscape.

“Since 1957, Hines has distinguished itself as one of the world’s premier developers of architecturally significant office properties,” said Doug Holte, senior vice president and director of Hines’ Southern California operations. “2211 Michelson is our first project in Orange County, a market where Hines intends to significantly grow its presence through development of new projects and selective acquisitions. The vision for this first offering is to create a new level of sophistication in office buildings in the market. Michelson Drive is becoming the primary spine in the establishment of a 24-hour CBD in Irvine, blending new office, retail and residential uses in an exciting, modern environment rivaling any in Southern California.”

Design Architect Paul Danna, a principal of DMJM Design, crafted a design scheme for the 12-story office building that sets it apart as a landmark destination. 2211 Michelson will be distinctively recognized on the streetscape for its extensive use of architectural white metal panels and high-performance silver vision glass. The building design expresses precision and sophistication on the skyline, and will feature the most extensive decorative building-top night lighting in the Irvine CBD. At the same time, 2211 Michelson is also designed to harmonize with its surroundings, both the existing office buildings at the Von Karman Towers campus and future office, retail and residential uses under development along Michelson Drive.

“2211 Michelson was commissioned to stand alone as a distinctive, modern landmark,” said Danna. “But the new building needs to successfully interact with both the current and future streetscape of Michelson Drive. With that in mind, the concept for a distinctive building exterior blending the impact of precision metal and glass in a clean, timelessfashion sets the tower apart as a world-class and modern structure, softened by a height in harmony with surrounding developments and lush landscaping.”

Located within the original Koll Center Irvine South Campus and just east of John Wayne Airport, 2211 Michelson’s offers 270-degree panoramic views from its floors that include the rolling San Joaquin Hills, the Santa Ana Mountain Range and the Newport Coast. Notably, the property features two penthouse corner balconies. Typical floorplates offer 23,000 square feet of column-free lease space. The rectangular floorplate provides for an efficient layout and a maximum amount of vision glass. Each floor will provide opportunities for eight corner offices due to the corner insets in the structure. The entire building will include state-of-the-art communications, energy-efficient utilities and advanced fiber-optic infrastructure.

2211 Michelson will be accessible via north and south lobby entrances, approached through covered arcades leading to a day-lit lobby to be finished in a timeless palette of white marble, white opaque glass and feature walls of red travertine. Floor-to-ceiling glass entrances on both sides of the lobby will open to a tranquil south-facing garden featuring native California trees, along with a series of graceful, pedestrian-scaled seating areas and a bocce court.

2211 Michelson will feature an adjacent structure offering parking to tenants at a four-space-per-1,000-square-feet ratio, and will offer convenient visitor and VIP surface parking spaces with landscaped, colonnade-lined access to the building. A planned taxi and limousine drop-off entrance will be situated at the northern-facing side of the building.

As part of a 75-acre extended campus that includes its neighbors in the Von Karman Towers campus and the Irvine Center Towers, 2211 Michelson offers access to a host of regional amenities. John Wayne Airport is only two blocks away and adjacent retail and hotel options are also within walking distance, including a Marriott hotel, Prego and Il Forniao restaurants, the Michelson Marketplace retail center and 24 Hour Fitness.

For more information about Hines and its Orange County market presence or 2211 Michelson, project development milestones, leasing opportunities and project consultants, please contact Macy + Associates at (310) 821-5300 to secure information from the appropriate source.

About Hines:

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 800 properties representing more than 285 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. Hines entered the California market in 1979 with the development of downtown San Francisco’s 101 California. The firm’s West Region includes approximately 21 million square feet. With offices in 63 U.S. cities and 13 foreign countries, and controlled assets valued at approximately $11 billion, Hines is one of the largest real estate organizations in the world. Access  www.hines.com for more information.

About Crescent Real Estate Equities Company:

Crescent Real Estate Equities Company (NYSE:CEI) is a real estate investment trust headquartered in Fort Worth, Texas. Through its subsidiaries and joint ventures, Crescent owns and manages a portfolio of more than 75 premier office buildings totaling more than 30 million square feet located in select markets across the United States, with major concentrations in Dallas; Houston; Austin; Denver; Miami and Las Vegas. Crescent also makes strategic investments in resort residential development, as well as destination resorts, including Canyon Ranch(R). For more information, visit the Company's website at www.crescent.com.