TIAA-CREF Taps Charles Pankow Builders, LTD. As General Contractor For Fifty Fremont Renovations

Construction for Skidmore, Owings & Merrill’s Renovation Design of the LEED Platinum Tower’s Lobby, Entries and Streetscape to Commence in June of 2012

SAN FRANCISCO, April 19, 2012 – The dramatic transformation of Fifty Fremont, one of only three LEED Platinum office towers in San Francisco, is moving to its final phases with today’s announcement that Charles Pankow Builders, Ltd. (Pankow) has been named as general contractor for the renovation of the property’s lobby, entries and streetscape. Pankow will begin work on the redevelopment in June 2012, with completion and the grand unveiling scheduled for late 2012. Hines, the property manager for the Fifty Fremont, will serve as construction manager for the renovation.

The design, from project architect Skidmore, Owings & Merrill (SOM), encompasses a completely re-envisioned main lobby and entrances, common areas, and streetscape, adding a modern theme sure to solidify the tower’s landmark identity. The design is in harmony with the tower’s LEED Platinum certification and further embraces TIAA-CREF’s commitment to long-term sustainability at its owned properties.

According to Deidre Campbell, director for real estate asset management, TIAA-CREF, “Fifty Fremont has always occupied a pivotal location in the Financial District, made even more so today by the redevelopment of the Transbay Terminal and Plaza. The improvements planned for the lobby, approaches and streetscape will create a modern identity for this landmark tower while highlighting TIAA-CREF’s commitment to sustainability.”

The SOM design will infuse the lobby with natural light by installing larger window panes, replace the current black granite surfaces with domestically sourced limestone accented by sustainably harvested woods, and add a modern feel by installing brushed stainless steel on columns and door frames to identify building entrances. These stainless steel treatments will be carried outside to the tower entrances, including new canopy overhangs at the doors to the lobby. Additional illumination will come from energy efficient LED lighting along the canopies and from illuminated glass-incased air duct columns that will provide a signature nighttime glow.

This focus on improvement of Fifty Fremont to the highest modern standards of sustainability and operational performance resulted in the recent selection of the tower by Salesforce.com for a long-term lease of more than 400,000 square feet at the 42-story tower. The investment in modernization by TIAA-CREF and its management team from Hines has created a compelling professional address in heart of a city known for its high quality of life and educated workforce, making the tower particularly appealing to the progressive companies of San Francisco’s diverse business community.

Originally completed in 1985, Fifty Fremont has been the focus of a comprehensive modernization and improvement program over the past three years. This program achieved LEED Platinum – EB certification by the US Green Building Council for enhanced operational infrastructure, energy and water conservation and the adoption of comprehensive recycling program and eco-conscious management techniques like daytime cleaning. This focus on sustainability and improvement has elevated the operating environment at the landmark tower to that of a modern Class A office tower capable of evolving with its community and the demands of the progressive technology and knowledge economy companies driving San Francisco’s dynamic business community.

About Fifty Fremont

Fifty Fremont is a 42-story, Class A office tower centrally located in the heart of San Francisco’s dynamic Financial District at the intersection of Fremont and Mission streets. The iconic office tower, owned by TIAA-CREF and managed by Hines, is certified LEED Platinum by the U.S. Green Building Council, and offers more than 787,000 square feet of rentable office space, 26,000 square feet of storefront retail space and a natively landscaped outdoor plaza at the tower’s base. The tower also offers spectacular views of the Bay Area, large and efficient floor plates and convenient access to public transit (BART, MUNI, Transbay Terminal, Golden Gate Transit and the Ferry Building) and freeways (I-80/101/280). Fifty Fremont is represented by the brokerage professionals of The CAC Group for office leasing, with the retail specialists of Colliers International responsible for leasing of retail space.

About TIAA-CREF

TIAA-CREF (www.tiaa-cref.org) is a national financial services organization with $464 billion in combined assets under management (as of 12/31/11) and is the leading provider of retirement services in the academic, research, medical and cultural fields.

The property described above is owned by the TIAA Real Estate Account, a variable annuity account offered by TIAA. Past performance is not indicative of future results. The material is for informational purposes only and should not be regarded as a recommendation or an offer to buy or sell any product or service to which this information may relate. Certain products and services may not be available to all entities or persons.

The Registry www.theregistrysf.com

West Coast Commercial Real Estate News