Hines REIT Properties contracted to acquire Williams Tower, a 65-story office building with an adjacent parking garage located in the Galleria/West Loop submarket of Houston, TX, from Transco Tower Ltd. The deal also includes a 47.8% undivided interest in a 2.8-acre park and waterwall adjacent to Williams Tower; and a 2.3-acre land parcel located across the street from Williams Tower on Post Oak Blvd. Hines already owns the balance of the park and waterwall. Williams Tower was constructed in 1982 and consists of approximately 1.5 million square feet of rentable area that is approximately 91% leased. Transcontinental Gas Pipe Line Corp, a natural gas pipe line operator, leases 250,001 square feet or approximately 16% of the building's rentable area, under a lease that expires in March 2014 and contains options to renew for three additional five-year periods. Black Box Network Services (formerly known as NextiraOne, LLC), a telecommunications infrastructure provider, leases 186,777 square feet or approximately 12% of the building's rentable area, under a lease that expires in March 2009. The remaining lease space is leased to 48 tenants, none of which leases more than 10% of the building's rentable area, including Hines. The contract purchase price is expected to be approximately $271.5 million. The company expects to close this acquisition on May 1.