PRESS RELEASES

The following press release was issued by the Transbay Joint Powers Authority:

Expert Jury Makes Unanimous Recommendation of Pelli Clarke Pelli Architects/Hines Proposal to Transbay Joint Powers Authority Board

Offer includes financial contribution of $350 million

9/10/07

(San Francisco) – The Transbay Joint Powers Authority’s Design and Development Competition distinguished nine-member jury issued their Final Jury Report today where they unanimously recommend to the TJPA Board the Team of Pelli Clarke Pelli/Hines to design the new landmark Transbay Transit Center and Tower.

The Final Report states, “the Proposals submitted by the three Teams participating in the RFP Stage of the Competition—Pelli Clarke Pelli Architects and Hines, Rogers Stirk Harbour & Partners and Forest City Enterprises with MacFarlane Partners, and Skidmore, Owings & Merrill and Rockefeller Group Development Corporation—were exceptional. The Jury is unanimous, however, in its conclusion that one Proposal, from Pelli/Hines, is superior to the other two. The Pelli/Hines design for the Transit Center and Tower best met the TJPA’s operational, functional, and aesthetic requirements, and Hines’ offer of a purchase price [Three-Hundred and Fifty Million Dollars, $350,000,000] for the Tower property was significantly higher than the offers by the other Teams.”

The Jury based its evaluation and ranking on the extent to which each Team’s Proposal satisfied the evaluation criteria as listed in the competition manual. Scores, which were given by individual jurors and summed to derive each Team’s overall ranking, analyzed such criteria as design excellence, functionality and financial feasibility. The jury ranked the proposals as follows:

Pelli Clarke Pelli Architects and Hines ranked first with an average score of 90 points and a purchase price offer for the Tower of Three-Hundred and Fifty Million Dollars, $350,000,000.

Rogers Stirk Harbour & Partners and Forest City Enterprises with MacFarlane Partners ranked second with an average score of 72 points and a purchase price offer for the Tower of One-Hundred and Forty-Five Million Dollars, $145,000,000.

Skidmore, Owings & Merrill and Rockefeller Group Development Corporation ranked third with an average score of 61 points and a purchase price offer of One-Hundred and Eighteen Million Four-Hundred and Forty-Thousand and Seven-Hundred Dollars, $118,440,700.

“The exceptional financial offer put forth by the recommended team will increase the funds available to the Transbay Transit Center Program to $1.85 billion,” said Maria Ayerdi, Executive Director of the TJPA. “Since our inception we have been successful at fully funding the first phase of our program, and this offer builds upon that success to deliver necessary funding to help complete the rail extension,” said Ms. Ayerdi.

The unanimous recommendation culminates an eight-month international Design and Development (D/D) competition that was launched to select an outstanding and functional design that is economically viable and provides a sound economic return to the TJPA. The TJPA Board envisions the new Transbay Transit Center as an important addition to the “public realm” – the Grand Central of the West, with a million square feet of transit and public areas. The

TJPA sought a team that would create a unique, world-class Transit Center and Tower whose aesthetic, functional and technical excellence are worthy of their position as the centerpiece of the new Transbay neighborhood which will feature 3,400 new homes (with 35% affordable to working families) around the new facilities and the focus of bus and rail transit for San Francisco, the Bay Area, and the State of California.

The TJPA was created in 2001 to design, build and operate the new Transbay Transit Center Program. The new Transbay Transit Center at First and Mission streets will centralize the region’s transportation network by accommodating nine transportation systems under one roof, including AC Transit, Caltrain, MUNI, Golden Gate Transit, SamTrans, Greyhound, BART, WestCATand future California High-Speed Rail. The area surrounding the Transit Center will be redeveloped to include housing, retail, and an adjacent tower poised to redefine the city’s skyline.

The designs will continue on display at the Yerba Buena Center for the Arts (YBCA) through September 16. The public is encouraged to comment on the design at the YBCA or online at: www.transbaycenter.org. The D/D Jury recommendation will be brought before the TJPA Board on September 20, 2007, at San Francisco City Hall at which time the Board will vote on the final proposal. For more information about the project or the competition, please visit www.transbaycenter.org

Contact: Courtney Lodato, Singer Associates, Inc., Cell: 415-378-4382, Office: 415-227-9700, courtney@singersf.com