n e w s

FOR IMMEDIATE RELEASE
March 27, 2003
For More Information:
Bob Voyles, Hines Senior VP, 770.206.5333

Hines To Seek City Approval For 41-Story Building at 14th & Peachtree Streets in Midtown; Announces Major Tenant To Be King & Spalding

“A timeless, 21st Century Business Platform”

Hines will break ground early next year on a new 41-story office tower at the corner of Peachtree and 14th streets in Midtown Atlanta that “will serve as a beacon for the planned new Symphony Hall to be developed alongside it,” the development firm announced today. Scheduled to open in December 2005, the 625,000-square-foot building will be the tallest tower built in the city since 1992.

The law firm of King & Spalding will be the major tenant, occupying the top 14 floors, moving from its current location at 191 Peachtree to the 1180 Peachtree building in April 2006. Another 10 floors will be leased to other tenants, Hines said. There will be 12 floors of parking.

“This building will use an exciting modernist architectural style, be functionally efficient and serve as a 21st Century business platform,” said Bob Voyles, senior vice president of Hines. “This building was designed from the inside out to meet the needs of King & Spalding. We promised them a timeless, but not necessarily traditional design that would address this quintessential Midtown corner in a very appealing way at street-level.”

The building, designed by architect Jon Pickard, senior principal at Pickard Chilton, will be “the first real ‘green’ office building in the city,” Voyles added. “Hines has more “Energy-Star” buildings than any other developer,” he said, referring to the Environmental Protection Agency’s Leadership in Energy and Environmental Design (LEED) rating system for new construction.

Voyles says there will be two restaurants at street level, one for casual dining facing Peachtree, with another more sophisticated dining establishment on the western side, overlooking what will be a new performance hall for the Atlanta Symphony Orchestra. Both restaurants will feature outside dining terraces.

The office tower will be the first building to go online in the major redevelopment of this six-acre tract purchased by the ASO from AT&T. Hines is purchasing two acres from the ASO to develop the office tower, which will share a 24-foot-wide pedestrian promenade leading to the ASO hall. Access to the 10-story, 1,100-vehicle parking deck in the lower part of the office building will be available to symphony patrons.

Visitors to the office building will enter a two-story, 30-foot tall “very dramatic” lobby, Voyles said. They can then choose to enter the two restaurants, the parking deck or take elevators to office or “podium” floors. King & Spalding’s presence will begin on the 14th floor with three “functional, efficient podium floors that will be unique from a professional service design point of view,” Voyles said. These floors will include client meeting rooms, partner conference rooms and employee and private partner dining areas, he said. The King and Spalding dining areas will have west side terraces and overlook Symphony Hall. Regular office space for the law firm will begin on the 27th floor.

Above the three podium floors will be 10 floors of “speculative” office space that will be leased to multiple tenants. “This is a unique building,” said John Heagy, vice president of marketing for Hines. “The connection it has to the symphony will, in and of itself, draw a lot of prospects to the building.”

The King & Spalding space will represent 405,000 square feet of the building. The floor plate is designed to allow for eight corner offices on all floors.

Walter Driver, Jr., chairman of King & Spalding, said, “The building will provide efficiencies of design, space utilization and state-of-the-art technological capabilities that will enhance our efficiency and productivity while accommodating our growing team of attorneys and staff. This building will equip us to provide efficient, highest quality legal services to our clients far into the future. In addition, we are very proud to play a supporting role in the development of the Symphony Center project and this vibrant cultural hub in Atlanta.”

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Hines entered the Atlanta real estate market in 1985 with its development of the Ravinia office/hotel complex. Other projects the firm has developed in the area include: the 50-story One Ninety One Peachtree Tower in downtown Atlanta; Deerfield, a 550-acre mixed-use development currently underway in the Georgia 400/Alpharetta corridor; Deerfield Commons; 3003 2002 Perimeter Summit, located in the Central Perimeter submarket and Overton Park, located in the northwest Cumberland market. 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. The Hines portfolio of projects completed and under way includes 700 properties representing 223 million square feet of office, mixed-use, industrial, hotel, sports facilities and residential properties, as well as large, master-planned communities and land developments. With offices in 74 U.S. cities and 11 foreign countries, and controlled assets valued in excess of $13 billion, Hines is one of the largest real estate organizations in the world. Access www.Hines.com for more information.