PRESS RELEASES

IVC Television, Inc. signs lease at 2525 Ponce de Leon

12/21/2004

(CORAL GABLES, FL)—Hines, the international real estate firm, announced today that IVC Television, Inc. has signed a long-term lease for 16,643 square feet in Hines’ new office building in Coral Gables, 2525 Ponce de Leon. Relocating from Waterford, FL, IVC Television will transfer 60 employees to occupy nearly the entire second floor of the building, starting in April 2005. IVC hosts and provides services to A&E Mundo, E! Entertainment Latin America and The History Channel Latin America, three leading cable and satellite television networks with Latin American operations.

Eduardo Cusco, senior vice president of IVC Television, said, “We are very pleased with our move to 2525 Ponce de Leon. The building has an excellent location and the design and construction are first-rate, which fit very well with the brands that we service.”

Hines’ Project Manager Gonzalo Cortabarria added, “We are thrilled to have 50% of the building leased upon opening. The combination of quality, aesthetics and amenity base at 2525 Ponce de Leon has played an important role in attracting tenants of the highest caliber such as IVC Television.”

IVC Television was represented in lease negotiations by Alan Kleber of Cushman & Wakefield. The 250,000-square-foot, Class A building is located in downtown Coral Gables, one block south of Miracle Mile, and is part of a mixed-use development, which includes condominiums, retail and a public garden. Designed by Smallwood, Reynolds, Stewart, Stewart & Associates the elegant, 12-story yellow building features characteristic Mediterranean exterior articulation and roofing. Its wide amenity base, with three restaurants on the ground floor, will further enhance the ever-popular retail and dining markets of the Miracle Mile neighborhood.

Hines broke ground on the project in June of 2003, and the building is now open for business. Other tenants include the law firm of Adorno & Yoss; the law firm of Kozyak, Tropin & Throckmorton; Raymond James, a financial services firm; Schumann/Steier, an international petroleum marketing firm; a drive-thru Wachovia Bank; Fleming’s Prime Steakhouse and Wine Bar; La Cofradia, an upscale Mediterranean restaurant; and Sacha’s courtyard café. Hines is a privately owned real estate firm involved in developing, acquiring, leasing and managing real estate, as well as providing extensive international investment management and advisory services. The Hines portfolio of projects completed, underway, acquired and managed for third parties includes more than 700 properties representing over 244 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 69 U.S. cities and 12 foreign countries, and controlled assets valued at approximately $14 billion, Hines is one of the largest real estate organizations in the world. Access www.hines.com for more information.