Hines and Goldman Sachs Partner with Pontiac Land on High-Profile Residential Project Including MoMA Expansion

  Hines and Goldman Sachs Partner with Pontiac Land on High-Profile
  Residential Project Including MoMA Expansion

     Jean Nouvel-designed 53 W. 53^rd Street to Break Ground in Mid 2014

Business Wire

NEW YORK -- October 30, 2013

Hines, the international real estate firm, announced today that Pontiac Land
Group of Singapore has joined Hines and the Goldman Sachs Real Estate
Principal Investment Area in the ownership of 53 W. 53^rd Street, the iconic
residential condominium development to be constructed adjacent to the Museum
of Modern Art (MoMA). In addition to their equity investment, Pontiac Land
secured $860 million of construction financing to be funded by a consortium of
Asian banks.

The sweeping 72-story, 750,000-square-foot tower, designed by Pritzker
Prize-winning architect Jean Nouvel, will house 145 highest-end condominium
residences, designed by world-renowned architect Thierry Despont. In addition,
the building’s lower floors will include 36,000 square feet of new exhibition
spaces distributed over three floors, designed for MoMA by architects Diller
Scofidio + Renfro.

Hines and Goldman Sachs acquired the 18,000-square-foot site, located between
53rd and 54th streets just west of MoMA, for $125 million from the museum in
2007. Following an international architectural competition, Nouvel was
selected as the design architect. The tower was originally proposed to be
1,250 feet tall; and, as part of the Special Permit process in 2009, the
height was reduced to 1,050 feet. All discretionary approvals necessary to
build the project are in place and construction is expected to begin in mid
2014 with initial occupancy in late 2018. Lend Lease has been designated as
the general contractor and Corcoran Sunshine Marketing Group will handle the
project’s marketing and sales, which are expected to begin in 2014.

The tower will include an extensive package of amenities including
breathtaking New York City and Central Park views, spectacular common areas, a
high-performance fitness facility including a 75-foot lap pool and full-time
concierge service.

"We are delighted to partner with Hines and Goldman Sachs on this
landmarkproject. We have long admired MoMA's contribution to the city and the
world, and we are pleased that this project will expand their galleries and
enhance the visitor experience," commented Kwee Liong Tek, director of Pontiac
Land Group and international art collector.

Hines Chairman Gerald D. Hines commented, “Jean Nouvel’s exciting tower will
surely become an international design icon, as well as a favorite of New
Yorkers. The location deserved a significant piece of skyline sculpture, and
this project will deliver. Also, we think it will be a great investment for
Hines and our partners, as well as for future homeowners. Pontiac Land is
known for superior developments, and we are so happy to partner with them on
their inaugural U.S. investment.”

"Pontiac Land's longstanding partnerships with our local banks have enabled us
to participate in this important deal. We are confident in the recovery of the
U.S. economy, the largest in the world, and believe in the resilience and
potential of the New York property market. The U.S. will continue to be an
investment destination of choice for us, so it was important for our first
investment to be stellar," said Michael Su, CEO of Pontiac Land Group.

“The building’s one-of-a-kind architecture and its privileged proximity to
MoMA will make this development an extremely desirable address,” said Tommy
Craig, Hines senior managing director and head of the firm’s New York office.

Glenn D. Lowry, MoMA’s director, commented, “The Museum of Modern Art is
pleased to see the tower project moving ahead, and we look forward to working
with the Hines team and the museum’s own architects to create new and engaging
public spaces in which our visitors will explore modern and contemporary art.”

About Hines

Hines has been active in the tri-state NY/NJ/CT market since 1981, having
developed in excess of 15 million square feet in the area. The firm’s luxury
residential projects in New York include 40 Mercer and One Jackson Square.
Hines serves as development consultant for 56 Leonard. Hines’ 7 Bryant Park
boutique office tower is currently under construction in Midtown. Hines is a
privately owned real estate firm involved in real estate investment,
development and property management worldwide. The firm’s historical and
current portfolio of projects that are underway, completed, acquired and
managed for third parties includes 1,283 properties representing more than 516
million square feet of office, residential, mixed-use, industrial, hotel,
medical and sports facilities, as well as large, master-planned communities
and land developments. Currently, Hines manages 378 properties totaling 151.9
million square feet, which includes 84.3 million square feet for third
parties. With offices in 111 cities in 18 countries, and controlled assets
valued at approximately $25.2 billion, Hines is one of the largest real estate
organizations in the world. Hines is also a world leader in sustainable real
estate strategies, with extensive experience in LEED®, ENERGY STAR®, BREEAM,
Haute Qualité Environnementale and DGNB green building rating systems. Visit
www.hines.com for more information.

About Pontiac Land Group

Pontiac Land Group is a leading real estate company with over half a century
of expertise and experience in luxury property development. With the
engagement of a select team of internationally renowned, Pritzker
Prize-winning architects and designers who share the group’s values and
commitment to excellence, Pontiac Land Group comprises commercial,
residential, hospitality, retail and medical assets. Strategically located in
Singapore’s prime districts, each distinct architectural achievement
complements and enriches its living spaces with world-class art collections.
The Group’s portfolio includes: five-star hotels The Ritz-Carlton, Millenia
Singapore, Capella Singapore, Conrad Centennial Singapore, Regent Singapore
and a Four Seasons Hotel; iconic skyscrapers Millenia Tower and Centennial
Tower; luxury residences The Colonnade, Ardmore Residence and HANA; premier
retail mall Millenia Walk; as well as the private and exclusive Camden Medical
Centre, home to medical and healthcare specialists. The firm recently
committed to its first investment in the U.S., 53 W. 53^rd Street, a luxury
residential tower set to rise next to New York's world-renowned Museum of
Modern Art. Visit www.pontiacland.com for more information.

Contact:

Hines
George Lancaster, +1-713/966-7676
george.lancaster@hines.com
or
Pontiac Land Group
Camilla Chiam, +65-6434-9855
camilla.chiam@plpl.com.sg