Proposal by Developer Hines and Architect Pelli Clarke Pelli Formally Selected for Transbay Transit Center and Tower

The board of directors of the Transbay Joint Powers Association
(TJPA) today approved their competition jury's recommendation to enter
into exclusive negotiations with the team of Hines and Pelli Clarke
Pelli Architects for a new Transbay Transit Center and Tower in the
center of San Francisco's business district. The TJPA conducted an
international competition over the past nine months that generated
designs from several world-renowned architects.

At the heart of the winning proposal is City Park, a
five-and-a-half-acre public park that will sit atop the new transit
center. In addition to being a generous amenity for a growing
neighborhood, City Park will double as a "green roof" for the transit
facility, one of many environmentally friendly building features.

Crowning these elements, an elegant 1,200-foot office tower will
become a landmark addition to the San Francisco skyline and the
tallest U.S. building west of Chicago. Designed to include
state-of-the-art security, safety, and sustainability features, the
planned 1.7 million-square-foot office tower will be developed, owned
and operated by Hines.

"It is a tremendous honor for our firm to have been selected,
especially considering the quality of the other teams and designs,"
said Gerald D. Hines. "This project includes the most innovative
thinking from around the world in the fields of sustainability,
transit design and urban planning. It will be one of the great places
in San Francisco and a model for other cities."

"I am incredibly happy and excited with the news that our proposal
has been selected for the Transbay Transit Center in San Francisco,"
said architect Cesar Pelli. "The Transit Center, with its accompanying
tower, will have an immeasurable impact in the life and form of the
city. We are looking forward to working with our clients, TJPA, and
Hines, as well as the citizens of San Francisco to make this a
successful and exciting project."

Hines entered the San Francisco market in 1979. To date, the firm
has developed or redeveloped six projects and acquired another nine in
the city. Hines is a privately owned real estate firm involved in real
estate investment, development and property management worldwide. The
Hines portfolio of projects underway, completed, acquired and managed
for third parties includes more than 1,000 properties representing
approximately 416 million square feet of office, residential,
mixed-use, industrial, hotel, medical, retail and sports facilities,
as well as large, master-planned communities and land developments.
With offices in 68 U.S. cities and 15 foreign countries, and
controlled assets valued at approximately USD 19.9 billion, Hines is
one of the largest real estate organizations in the world.

Established in 1977, Pelli Clarke Pelli Architects (PCPA) has
designed over 80 million square feet of urban, mixed-use projects for
prestigious government, private, and corporate clients worldwide. The
firm's extensive portfolio includes the world's largest private
developments: Canary Wharf in London, World Financial Center in New
York, International Finance Centre in Hong Kong, and Kuala Lumpur City
Center in Malaysia and such significant transportation projects as
Reagan National Airport in Washington DC, Haneda Airport in Tokyo,
Canary Wharf Docklands Light Railway Station in London, and Richardson
International Airport in Winnipeg. PCPA is committed to being a leader
in environmentally responsible design. Beginning in 1994 with the
design of the LEED EB Silver Owens Corning Headquarters developed with
Hines, PCPA has designed many significant LEED rated projects,
including the Solaire, the first LEED Gold high-rise in the United
States. All of the firm's current projects with Hines are LEED rated.
PCPA has been honored with numerous awards, including the AIA's two
most prestigious awards: the 1989 Firm Award and the 1995 Gold Medal
for Cesar Pelli. In 2004, the firm was awarded the Aga Khan Award for
Architecture for the design of the Petronas Towers.

Visit www.pcparch.com or www.hines.com for more information.