Hines Announces Second Project in Milan, Italy : Via Bergognone 53; Firm to Sponsor Museum-Quality Show at Furniture Fair 2002 Highlighting the Development.

Business Editors

HOUSTON--(BUSINESS WIRE)--April 8, 2002

Hines, the international real estate firm, will begin renovation this month on Via Bergognone 53, a four-building, seven-story, 264,000-square-foot former post office complex in Milan, Italy, located near the new Giorgio Armani headquarters, Fabrizio Ferri's Super Studio and Ansaldo complex.

Hines acquired the structure in 2000, and after an architectural competition, the firm of MCA Mario Cucinella Architects (Bologna-Paris) was chosen to redesign the complex. The renovation will create a closely-knit campus, and include transforming the existing structures into multi-tenant buildings surrounding a new central courtyard.

Also planned is a new facade, grand entrance, interior, a glass-enclosed garden, restaurants and a single-level, below-grade parking garage. Project completion is targeted for year-end 2003.

"The design competition allowed us to look at several schemes for the renovation, and Cucinella's design was the best fit for this up-and-coming location," said Hines Chairman Gerald Hines. "Leasing interest has been steady among local and multi-national companies."

In conjunction with Milan's Furniture Fair 2002, Hines partnered with Domus Academy, a post-university master school specializing in design research, and Makno, a research and consulting company that focuses on housing evolution, to present three museum-quality exhibits.

The Hines exhibit, entitled "Evolving Places," will feature some of the firm's most important developments, including the architectural selection process undertaken for Via Bergognone 53.

Domus Academy's exhibit, entitled "Unenforced Concrete," will feature the vision of the contemporary city.

Manko's exhibit, entitled "Housing Evolution," will feature the results of their research project designed to underline the evolution of the Italian lifestyle.

Hines's first project in Milan was the recently completed renovation of Centro di Eginardo, a four-story, 174,000-square-foot office building near the Milan Exposition.

Hines is a privately owned real estate firm involved in developing, acquiring, leasing and managing real estate, as well as providing global investment management and advisory services.

The Hines portfolio includes 680 properties representing 217 million square feet of office, mixed-use, industrial, retail and residential properties, as well as large, master-planned communities and land developments. With offices in 76 U.S. cities and 11 foreign countries, and assets in excess of $10 billion, Hines (www.Hines.com) is one of the largest real estate organizations in the world.