PRESS RELEASES

Hines Acquires Approximately 600 Acres In Las Colinas

12/23/2005

(DALLAS, TX) – The Dallas office of Hines, the international real estate firm, announced today that it has acquired approximately 600 acres of the remaining undeveloped land in Las Colinas from the Las Colinas Land Limited Partnership.  Terms of the sale were not disclosed.

Only eight miles from the Galleria, which Hines developed in 1982, the Las Colinas parcels are twelve miles from downtown and five miles from the Dallas/Ft. Worth International Airport.  Hines plans to develop the land, or sell parcels to other developers over time for complementary development.  Uses may include office, medical office, retail, hotel, single and multi-family housing.

Hines Vice President Rob Witte said, “Having been in Dallas for over 30 years, we are very familiar with and sensitive to the community values that exist in Las Colinas.  We are looking forward to continuing the outstanding development our predecessors have put in place.”

Hines has master-planned more than 15,000 acres, resulting in projects like First Colony in Sugar Land, Texas; Palencia in St. Augustine, Florida; and Diagonal Mar in Barcelona.  In addition to the Galleria in Dallas, Hines developed One, Two and Three Galleria Towers, Galleria North and the regional offices for Computer Associates International in Plano. Hines REIT, a subsidiary of Hines, owns the Citymark building in Uptown Dallas.

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 64 U.S. cities and 14 foreign countries, and controlled assets valued at approximately $11.7 billion, Hines is one of the largest real estate organizations in the world.  Access www.hines.com for more information.  For inquiries about the land purchase, visit www.hineslascolinasland.com.