Hines Reveals Design for Torre Almirante; Construction Underway on Rio de Janeiro's Newest...

Business Editors

HOUSTON--(BUSINESS WIRE)--Sept. 24, 2002

Hines, the international real estate firm, has begun construction on Torre Almirante, a 36-story, 678,000-square-foot (63,000-square-meter) office tower in a prime downtown location in Rio de Janeiro at the intersection of Av. Almirante Barroso and Av. Graca Aranha. The project is being funded by the Emerging Markets Real Estate Fund II (EMF II), a partnership of Hines and Trust Company of the West (TCW).

When the site was purchased in February of this year, it included an unfinished office tower structure completed to level four and two vacant adjacent office buildings. Hines has now completed the addition of a fifth level to the office structure, and continues to move forward on the project. The adjacent office buildings, whose historically significant facades will be preserved, will be renovated into a 15-story, 420-space parking structure that will be connected to Torre Almirante's main lobby via a covered walkway. The project is scheduled for completion in August 2004.

Renowned architect Robert A.M. Stern, along with production architects Pontual Arquitetura of Brazil designed the tower to feature a curved transparent facade which will flare upward creating a distinctive icon on Rio's skyline. To further enhance the tower's presence, a beacon illuminated by continuously changing lighting displays from LED fixtures will be concealed within the curtain wall. The tower's exterior glass facade will allow for floor-to-ceiling, unobstructed views of Rio's stunning natural geography -- Guanabara Bay, Sugar Loaf Mountain, coastal mountains and the Atlantic Ocean. Honey-colored Brazilian granite will be woven into the facade at the tower's base complementing the neighboring buildings' masonry.

The lobby will feature a spectacular 20-foot-high, back-lit onyx wall that will be visible through a full-height glass entry. In addition, three, two-story tropical gardens at the main entrance level will provide unique gathering spaces for tenants and visitors. A ground-level open-air pedestrian arcade including retail shops will integrate the building into downtown Rio's system of continuous urban arcades.

All office levels will have raised floors for maximum tenant flexibility and efficiency for HVAC, electrical and data-com distribution. Floor plates will contain 12,000 square feet. Twelve high-speed passenger elevators grouped in three banks will serve tenant floors along with a separate service elevator.

"Torre Almirante will be one of the most outstanding buildings in Latin America," said Hines Project Manager Ronald Ansbach. "Its key location, unique design and its unbeatable views will make it the favored place to conduct business in downtown Rio."

Hines entered the Brazil market in 1998. The firm has completed the development of Louveira Distribution Park, a major build-to-suit distribution facility consisting of 1,185,000 square feet for Unilever and Exel Logistics, and is currently finalizing the development of two projects: Panamerica Park, a 480,000-square-foot, nine-building office park targeted to multinational companies; and International Plaza, a mixed-use office, hotel and convention complex in Sao Paulo's premier financial district, comprised of a 14-story office tower and a 24-story, five-star-plus hotel. Hines is also active in property management in South America with a portfolio of more than 2.2 million square feet.

"Developing in international markets has been an important part of Hines' strategy," said Hines President Jeff Hines. "We remain very enthusiastic about the Brazilian market, and foresee long-term growth in the office and industrial markets. In addition to Rio de Janeiro, we are currently developing and managing projects in other Latin American cities including Buenos Aires, Sao Paulo, Guadalajara, Mexico City and Queretaro."

The Hines/TCW EMF II fund was formed to manage the acquisition, development, operation and disposition of high-quality office, residential, mixed-use and other real estate in selected emerging market countries.

Hines is a privately owned real estate firm involved in developing, acquiring, leasing and managing real estate, as well as providing extensive global investment management and advisory services. With offices in 76 U.S. cities and 11 foreign countries, and assets in excess of $13 billion, Hines is one of the largest real estate organizations in the world. Access www.Hines.com for more information.

TO REQUEST A PHOTOGRAPH OF TORRE ALMIRANTE, PLEASE CONTACT KIM JAGGER AT 713/966-7848, OR EMAIL Kim_Jagger@Hines.com.